SOFAZ actively investing in regional & local projects
BAKU, Azerbaijan, Oct. 30
The main part of investments by the State Oil Fund of Azerbaijan (SOFAZ) accounts for infrastructure projects such as the Baku-Tbilisi-Ceyhan pipeline, the Southern Gas Corridor, the Baku-Tbilisi-Kars railway, the construction of the Samur-Absheron irrigation system and the Oguz-Gabala-Baku water pipeline, a source in SOFAZ told Trend.
The source noted that these projects, especially regional ones, gave impetus to the development of Azerbaijan’s economy, as well as ensured the withdrawal of energy resources’ access to world markets, Azerbaijan’s inclusion in international transport networks, improving the conditions for the development of intensive agriculture and increasing the general standard of living of the population.
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 for addressing 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.