BAKU, Azerbaijan, July 24
By Nargiz Ismayilova - Trend:
The State Oil Fund of Azerbaijan (SOFAZ) sold $4 billion through auctions from January through June 2020, Trend reports with reference to SOFAZ.
According to the report, some part of these funds, 5.6 billion manat ($3.3 billion), was transferred to the state budget over the reporting period in accordance with the plan.
The State Oil Fund of Azerbaijan was established in 1999, and at that time its assets was $271 million.
According to the regulation on SOFAZ, its funds can be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The SOFAZ’s main objective are: accumulation of funds and placement of the its assets abroad in order to minimize the negative impact on the economy, prevent to some extent the "Dutch disease", ensure the accumulation of funds for future generations and maintain the current socio-economic processes in the country.
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