SOFAZ spends near $44M on irrigation system reconstruction in 2016
Baku, Azerbaijan, June 12
By Maksim Tsurkov – Trend:
The State Oil Fund of Azerbaijan (SOFAZ) allocated 70 million manats ($43.4 million) in 2016 to finance the project of reconstruction of the Samur-Absheron irrigation system, reads a report on SOFAZ activities in 2016.
In total, the Fund allocated about 1.31 billion manats ($1.57 billion) for the project as of January 1, 2017, according to the report.
SOFAZ started financing the project in 2006.
SOFAZ was established in 1999 with assets of $271 million.
As of April 1, 2017, SOFAZ assets increased by 0.18 percent compared to early 2017 and amounted to $33.207 billion.
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.