Azerbaijani State Oil Fund allocates over $118M for youth education abroad

Business Materials 7 May 2015 10:15 (UTC +04:00)

Baku, Azerbaijan, May 7
By Maksim Tsurkov - Trend:

As of April 1, 2014, some 123.99 million manat has been allocated by the State Oil Fund of Azerbaijan (SOFAZ) since 2008 as part of the State Program for the Education of Azerbaijani Youth Abroad for 2007-2015, SOFAZ said.

Around 52.9 percent of the total volume of funds allocated by SOFAZ for youth education was spent on student accommodation in hostels and similar accommodations, 41.3 percent on tuition fee, 3.3 percent on travel expenses, 1 percent on health insurance, 1.2 percent on other expenses and 0.3 percent on visas and registration, a statement said.

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

As of Apr. 1, 2015, the assets of Azerbaijan's State Oil Fund (SOFAZ), decreasing by 5.86 percent compared to early 2015 ($37.104 billion) stood at $34.930 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 1.0481 AZN/USD on May 7.

follow the author on Twitter: @MaksimTsurkov