SOFAZ allocates over $30M to large irrigation project
Baku, Azerbaijan, Oct. 22
By Emil Ismayilov - Trend:
About 1.09 billion AZN have been allocated from the State Oil Fund of Azerbaijan for the reconstruction of the Samur-Absheron irrigation system project as of October 1, 2014, SOFAZ said Oct. 21.
Around 24.8 million AZN of these funds were allocated in January-September 2014.
"In particular, 525.3 million AZN have been allocated for construction of the Takhtakorpu reservoir and a hydropower station," SOFAZ`s report said. "Some 393.1 million AZN and 129.4 million AZN have been allocated to construct Takhtakorpu-Jeyranbatan and Velvelichay-Takhtakorpu canals respectively."
The State Oil Fund was established in 1999 and its assets at that time amounted to $271 million.
As of Oct. 1, 2014, SOFAZ assets increased by 3.98 percent compared to $35.877 billion in early 2014 amounting to $37.305 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 0.7843 AZN/USD Oct. 22.