Baku, Azerbaijan, June 30
By Anvar Mammadov – Trend:
The investments of the State Oil Fund of Azerbaijan (SOFAZ) in the project of reconstruction of the Samur-Absheron irrigation system in 2015 stood at 90 million Azerbaijani manats, or $89.7 million, says SOFAZ’s 2015 activity report.
The report also says SOFAZ allocated about 1.24 billion manats ($1.53 billion) for the project’s financing as of Jan. 1, 2016.
The project is aimed at creating a reliable water source for Baku and Sumgait cities and reducing the costs of water transportation.
SOFAZ began to finance the project in 2006.
SOFAZ was established in 1999 with assets of $271 million.
As of Apr. 1, 2016, SOFAZ's assets increased by 2 percent and amounted to $34.25 billion compared to $33.57 billion in early 2016.
