BAKU, Azerbaijan, June 2
By Leman Zeynalova – Trend:
The investments of Azerbaijan’s state oil fund SOFAZ were distributed as follows in Q1 2021: 64 percent in instruments with fixed income, 17 percent in shares, 6 percent in real estate and 13 percent in gold, the Fund told Trend.
“Around 69 percent of the portfolio is denominated in US dollars, 20 percent in Euro, 5 percent in pounds sterling and 6 percent in 14 other currencies, with a geographical breakdown of the portfolio covering more than 50 countries of the world.
SOFAZ invests in finance, raw materials, industry, consumer goods, healthcare, information technology, energy, communications and utilities,” the SOFAZ said.
SOFAZ was established in 1999 with assets of $271 million.
Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund include the accumulation of resources and placement of assets abroad in order to minimize the negative effect on the economy, promotion of resource accumulation for future generations, and support of current social and economic processes in Azerbaijan.
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