SOFAZ allocates over $ 14M to major irrigation project in first six months

Business Materials 25 July 2014 17:36 (UTC +04:00)

Baku, Azerbaijan, July 25
By Emil Ismayilov - Trend:

About 1.08 billion manat have been allocated from the State Oil Fund of Azerbaijan for the reconstruction of the Samur-Absheron irrigation system project as of July 1, 2014, SOFAZ said on July 25.

"In particular, 523.1 million manat have been allocated for construction of the Takhtakorpu reservoir together with a hydropower station," SOFAZ`s report said. "Some 393.1 million manat and 129.4 million manat have been allocated to construct Takhtakorpu-Jeyranbatan and Velvelichay-Takhtakorpu canals respectively."

SOFAZ allocated 11 million manat for this project in the first six months of 2014, according to the report.

The State Oil Fund was established in 1999 and its assets at that time amounted to $271 million.

As of July 1, 2014, SOFAZ assets increased by 4.86 percent compared to $35.877.5 billion in early 2014 amounting to $37.622.4 billion.

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.

The official exchange rate is 0.7842 AZN/USD on July 25.