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SOFAZ received more than $130B so far – Executive Director

“Creation of oil funds have serious scientific substantiation. If we look through the past fifty years, we’ll see that the countries which did not use oil revenues under the centralized rule are behind other countries in terms of economic development”, SOFAZ Executive Director Shahmar Movsumov told Kazinform agency.

According to him, reception of large amount of funds in a short period unbalances the economy, weakens competitiveness of the private sector: “All these show that creation of oil funds is important. Of course, it would be chosen to distribute the money instead of creation of the funds. However, this does not yield results. However, method of Azerbaijan and Kazakhstan demonstrate that creation of oil funds is reasonable step”.

 

He added that SOFAZ was established in 1999 and the main source of income is sale  of oil and gas: “Since 1999, SOFAZ has received $130 billion, of which 75% was directed to realization of different infrastructure projects and 25% was preserved. According to legislation, SOFAZ cannot invest in projects inside the country. We have sufficient diversified portfolio”. 

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