Baku, Azerbaijan, Oct. 8
By Mirsaid Ibrahimzade – Trend:
As part of the social project of the State Oil Fund of Azerbaijan (SOFAZ) to sponsor the education of Azerbaijani youth, more than 3,500 students received education in the best universities of the world, a source in SOFAZ told Trend.
Speaking about plans for the future, the source noted that next year SOFAZ plans to continue financing a project aimed at improving the social conditions of refugees and internally displaced persons in Azerbaijan.
SOFAZ was established in 1999 with assets of $271 million.
According to the 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 placement of assets abroad in order to minimize the negative effect to the economy, prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.
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