(MENAFN - Trend News Agency) Baku, Azerbaijan, June 7
By Sara Israfilbayova – Trend:
The State Oil Fund of Azerbaijan (SOFAZ) by 2.8 times in 2018 reduced investment in securities, deposits and current accounts that do not have an investment rating,Trendreports referring to a report by the Chamber of Accounts of Azerbaijan.
According to the report, investments amounted to $311.12 million in 2018, and to $861.31 million in 2017.
However, as noted in the report, the fund invested in sovereign bonds of Turkey in the amount of 309.1 million manats.
The State Oil Fund of Azerbaijan was established in 1999, and its assets at that time amounted to $271 million.
According to the regulations on SOFAZ, its funds can be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important problems.
The main objectives of SOFAZ consist of accumulating funds and allocating the Fund's assets abroad for minimizing the negative impact on the economy, preventing the 'Dutch disease' to some extent, ensuring the accumulation of funds for future generations and maintaining current socio-economic processes in the country.