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SOFAZ executive director Shahmar Movsumov: â€œSOFAZâ€™s assets may be forecasted to be $ 50 bln for next 5 yearsâ€

21 October 2010 09:01 (UTC +04:00)

According to him the Azerbaijanâ€™s formed economic base, universal, balanced social economic policy and strategic currency stocks create opportunity to solve the economic, social, military, ecological problems.: â€œSOFAZâ€™s assets was $ 271 mln when it was established. The assets rose year-by-year to $ 10 bln in 2008. Now the assets hit $ 20 bln. SOFAZ assets approximately tripled during the last 3 years. The assets may be forecasted to $50 bln during the next 5 years.â€

He also noted that construction of new official building of SOFAZ will accelerate the development of Fund. Azerbaijan ranked 9th among the 41 countries in the report published by Revenue Watch Institute and Transparency International Organization on the transparency in the management of natural resources, last week. This shows that the realized policy of Azerbaijan oblige the international organizations to accept the achievement of our country in this sphere.

Azerbaijan gained 100 points for implementation of the Extractive Industries Transparency Initiative and the sector of natural resources fund. Azerbaijan remains as leader country in Transparency Initiative.