Bank Of Baku

SOFAZ assets beat $2 billion

SOFAZ assets beat $2 billion
# 07 August 2007 12:54 (UTC +04:00)
The SOFAZ told APA-Economics that as a result of successful implementation of the National Oil Strategy, exportation of hydrocarbon reserves is expanding each year, and thus, contribute to the increase of the state financial reserves. Current increase of the Fund’s assets up to 2 billion US dollars level against 270 million US dollars start-up balance in 2001, shall be regarded as successful realization of the oil strategy.
Also, the role of the State Oil Fund in development of the national economy, tackling of social and economic problems, as well as financing of the strategic state programs and projects grows gradually every year. Thus, during 2001-2007 the Fund spent 2,5billion US dollars to finance social and economic projects and programs, as well as made transfers to the state budget. /APA-Economics/
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