Azerbaijani State Oil Fund allocates $135M for youth education abroad

Business Materials 22 October 2014 15:46 (UTC +04:00)

Baku, Azerbaijan, Oct. 22
By Emil Ismayilov - Trend:

As of October 1, 2014, approximately 105.77 million AZN was allocated by the State Oil Fund of Azerbaijan as part of the State Program for the Education of Azerbaijani Youth Abroad for 2007-2015, SOFAZ said Oct. 22.

Around 56.2 percent of the total volume of funds allocated by SOFAZ for youth education was spent on student accommodation in hostels and similar accommodations, 38 percent on tuition fee, 3.4 percent on travel expenses, 1.1 percent on health insurance, 1.1 percent on other expenses and 0.3 percent on visas and registration, a statement said.

Some 17.97 million AZN was allocated by SOFAZ for the education of Azerbaijani youth abroad in January-September 2013.

Some 11.51 million AZN of the total volume of funds allocated during the first nine months was spent on student accommodation, 5.5 million AZN on tuition fees, 664,960 AZN on travel expenses, 40,300 AZN on visa and registration, 69,040 AZN on other expenses, 180,340 AZN - insurance.

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.

edited by CN