Azerbaijani State Oil Fund allocates $116 million for youth education abroad
Baku, Azerbaijan, May 7
By Emil Ismayilov - Trend:
As of April 1, 2014, around 90.82 million manat has been allocated by the State Oil Fund of Azerbaijan since 2008 as part of the State Program for the Education of Azerbaijani Youth Abroad for 2007-2015, SOFAZ said on May 6.
Around 54 percent of the total volume of funds allocated by SOFAZ for youth education in the indicated period from 2008 to late 2013, were spent on student accommodation in hostels and similar accommodations, 40 percent on tuition fee, 3.4 percent on travel expenses, 1.2 percent on health insurance, 1.2 percent on other expenses and 0.3 percent on visas and registration, according to the report.
In particular, some 3.02 million manats was allocated by SOFAZ in 2013 for the education of Azerbaijani youth abroad in January-March 2013.
Over 1.18 million manats of the total volume of funds allocated in 2013 was spent on student accommodation, 1.64 million manats on tuition fees, 132,580 manats on travel expenses, 11,270 manats on visa and registration, 58,020 manats on other expenses.
The State Oil Fund was established in 1999 and its assets at that time amounted to $271 million.
The main goals of the State Oil Fund include accumulation of resources and placement of the Fund's assets abroad in order to minimize the negative affect on the economy, the prevention of 'Dutch disease' to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.
As of January 1, 2014, SOFAZ assets increased by 5.1 percent compared to $34.129.4 billion in early 2013 amounting to $35.877.5 billion.
As of early April 2014, SOFAZ's funds hit $ 36.6 billion.
The official exchange rate is 0.7843 AZN/USD on May 7.
Translated by NH
Edited by CN