Baku, Azerbaijan, Apr. 18
By Maksim Tsurkov – Trend:
The State Oil Fund of Azerbaijan (SOFAZ) prolonged the term of one of its deposits in the International Bank of Azerbaijan (IBA) for one year, Shahmar Movsumov, the head of the SOFAZ, said at a press conference in Baku Apr. 18.
“We have two deposits in the IBA,” Movsumov said. “The term of the first one expired in March 2017. The term of the second deposit will expire in May this year, and I think that it will also be prolonged. No new deposits are planned to be placed in the IBA.”
Each deposit placed in the IBA by SOFAZ is worth $500 million.
SOFAZ was established in 1999 with assets of $271 million.
Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund include: accumulation of resources and the placement of the fund's assets abroad in order to minimize the negative effect 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.