BAKU, Azerbaijan, July 22. The State Oil Fund of Azerbaijan’s (SOFAZ) investments in bonds amounted to 42.58 billion manat ($25 billion) by the end of last year.
The data obtained by Trend from SOFAZ shows that this figure went down by 7.4 billion manat ($4.3 billion) or 14.8 percent compared to the previous year (49.9 billion manat or $29.3 billion).
Established in 1999 with assets amounting to $271 million at the time, SOFAZ is an extrabudgetary fund that operates as a distinct legal entity, independent of the government or central bank. SOFAZ protects and judiciously administers energy-derived revenues for current and forthcoming generations. A fundamental principle of SOFAZ is transparency. During this era, the Fund has evolved institutionally and attained international recognition as an asset management organization.
