The Abu Dhabi Investment Authority has hired the former global head of Deutsche Bank’s Rreef Infrastructure platform to spearhead its investments in the asset class, following a number of high profile appointments by the Middle Eastern sovereign wealth fund in the last year.
John McCarthy, who quit as managing director and global head of RReef Infrastructure at Deutsche Bank in February, has joined Adia as global head of infrastructure with immediate effect, according to a statement from the sovereign wealth fund……………………………………Full Article: Source

In the case of Nigeria, SWF is derived from Excess Crude Account (ECA) of the country that is owned by the Federal Government, the states and local governments. It was established by Ngozi Okonjo-Iweala, Minister of Finance and Coordinating Minister of the Economy.
Nigerian governors under the leadership of Amaechi were believed to have incurred the wrath of the Presidency by the manner of their opposition to SWF. They resisted it claiming, among other things, that that states should be allowed access to the funds as well, rather than having the Federal Government alone to have access to it. According to the governors, it was illegal and contrary to the country’s Appropriation Act of 2011 and the 1999 Constitution of the country……………………………………Full Article: Source

The Palestinian Investment Fund (PIF) is a sovereign fund for the Palestinian Authority (PA) intended to manage PA investments inside and outside Palestine. The PIF was established in 2003 to satisfy the international community’s request that then President Yasser Arafat promote transparency and declare the PA’s properties and investments.
At the time, it was interpreted as an attempt by donor countries to reduce Arafat’s powers, restrict his control over public money and constrain his freedom in spending funds from outside the budget. Arafat was accused of running non-registered investments to spend on military matters and misallocating some aid from donor countries intended for refugee camps in the diaspora, especially in Lebanon………………………………………..Full Article: Source

Some of the world’s largest sovereign wealth funds (SWFs) are adding staff and bolstering internal infrastructure to boost their direct investing power, a report this month has claimed.
Middle Eastern SWFs have been bringing in internal investment and operational staff “to increase their capacity to evaluate direct investment and co-investment opportunities,” a report by consultants and auditors KPMG said. The authors added that the economic environment over the past couple of years had helped these gargantuan investors: “Ironically the fact that these people are available is for some part down to the global financial crisis.”……………………………………….Full Article: Source

Tu Guangshao is expected to be named as chairman of the US$500 billion sovereign wealth fund China Investment Corp. Beijing is expected to announce appointments to key financial positions in the near future as the new leadership prepares to take bolder steps towards financial reforms.
Tu Guangshao, executive vice-mayor of Shanghai, will be named chairman of the mainland’s US$500 billion sovereign wealth fund, China Investment Corp, more than two months after Lou Jiwei left the post to become finance minister, sources said……………………………………Full Article: Source

Bahrain Mumtalakat Holding Company, the investment arm of the kingdom, hosted a dinner for former heads of states and governments attending the 31st annual plenary meeting of the InterAction Council in the kingdom. “This initiative is a continuity of the legal and regulatory reforms to create a free, open and transparent environment that will enable business in Bahrain to grow,” said Mumtalakat chief executive Mahmood Al Kooheji.
“The InterAction Council has brought together government leaders, national decision-makers, international organisation heads and influential individuals from around the world since 1983, providing a tremendous platform to address global issues,” he said……………………………………Full Article: Source

The Azerbaijani government managed to wisely use the revenues from energy sector and avoid some complications that some oil-producing countries had, Azerbaijani President Ilham Aliyev said during the first South Caucasus Forum in Baku today.
“A very important mechanism of asset management was created, like the State Oil Fund of Azerbaijan, which is considered to be one of the most transparent funds among all the independent funds of the world,” he said………………………………………..Full Article: Source

Increasing signs of a slowdown in China–the latest manufacturing survey shows the sector is only just treading water–are blowing a chill wind over Australia’s miners. Mining makes up around half of Australia’s exports and China is by far the country’s biggest customer, accounting for nearly a quarter of Australian sales abroad.
During the past 30 years, government revenues from the UK’s North Sea oil have gone towards current consumption. The government used the windfall to cut taxes and spend more on services. Norway, by contrast, salted much of it away into a sovereign wealth fund, there to soften the blow for when the oil runs out. Its sovereign wealth fund, the biggest in the world, is worth some $730 billion………………………………………..Full Article: Source

Olam International Ltd , propped up by Singapore state investor Temasek Holdings after worries mounted over its high debt, said it will halve its capital spending in 2014 to 2016, cut its stake in an urea plant in Gabon and reduce its debt levels.
The Singapore-based agricultural commodities company, which came under attack from short-seller Muddy Waters last November and was forced to raise cash as its stock and bond prices tumbled, has been under pressure from investors to rein in its expansion plans………………………………………..Full Article: Source

In 1978, Volvo and Norway unveiled an audacious proposal. The Swedish company would sell 40 per cent of itself to the government in Oslo and in return would gain access to Norway’s North Sea oil reserves. The contentious plan eventually floundered because of shareholder opposition at Volvo.
However, now the Norwegian state – through its $720bn oil fund, the largest sovereign wealth fund in the world – is the second-largest owner of the Swedish truckmaker in terms of capital………………………………………..Full Article: Source

The Kuwait Investment Authority, the sovereign wealth fund, has long been known both for its integrity and cautious approach to investment.
But several recent initiatives point to the growing difficulty of being conservative in a world of virtually zero interest rates and modest yields – and a world in which inflation is low today but may be much higher tomorrow…………………………………………..Full Article: Source

The head of Denmark’s biggest pension fund warned that Europe is showing few signs of emerging from its crisis. “We all hope for a better Europe, but there is little reason for optimism at this point,”Carsten Stendevad, chief executive officer at ATP, which manages $140 billion in assets, said.
ATP said in December the fund is broadening its investment scope to benefit more from global growth as the euro area stays mired in a recession. The strategy emulates an approach adopted by Norway’s $725 billion sovereign wealth fund, which is relying less on European assets to generate returns……………………………………..Full Article: Source

Is it possible to avoid squandering such a windfall, especially for a territory of fewer than 3,000 people? That’s what the Falklanders asked the Norwegians, who in 1990 started what is now the world’s largest sovereign wealth fund.
With 4 trillion kroner ($715 billion) in assets, it returned 13.4 percent in 2012. The Falklands fund will never reach that scale, but if the islanders can replicate the Norwegians’ prudent management, they’ll be satisfied. The bottom line: Argentina still claims the Falklands, which are worth a lot more now that 400 million barrels of oil have been found near the islands………………………………………..Full Article: Source

Eight Democratic legislators filed legislation to protect the Permanent Fund Dividend by placing the current dividend formula in the Alaska Constitution. With GOP leaders pushing an oil giveaway that is likely to cost Alaskans upwards of $1 billion or more a year, future legislators are likely to start cutting the Dividend to fund state revenue.
To protect against attempts to spend the Dividend in tight economic times, former Governor Jay Hammond proposed an initiative in 2002 that would have enshrined the Dividend in the Constitution, but Lt. Governor Loren Leman rejected it as not able to be done by initiative………………………………………..Full Article: Source

Oman Investment Fund (OIF) a sovereign wealth fund of the Sultanate of Oman, has today announced the appointment of, among other new members, two insurance industry experts to the board of Oman National Investment Corporation Holding SAOG. OIF acquired a 41.13% holding, in ONIC Holding in February 2013.
Andrea Moneta and Lakhdar Moussi join the ONIC Holding Board following their election at ONIC Holding ’s AGM held on 30th March in Muscat. Mr Moneta and Mr Moussi bring decades of international insurance sector experience and expertise to ONIC having worked for and advised some of the most prominent names in the industry. (Press Release)

How has Norway managed to create a fund, called the Norwegian Government Pension Fund now containing about $654 billion (as of September 2012) while Alaska’s Permanent Fund only contains about $42 billion (as of August 2012)?
I know the federal government’s share of the Alaskan oil revenue pie, and the Alaska budget reserve fund (among other revenue receiving destinations) need to be factored in to begin to make an apples to apples comparison of these funds, but how can the roughly $600 billion difference be accounted for?……………………………………….Full Article: Source

Last week, 1Malaysia Development Bhd (1MDB) a government-owned entity closely-linked to premier Najib Abdul Razak had a change at its helm. Hazem Abdul Rahman has now taken over the chief executive officer (CEO) role from Shahrol Azral Ibrahim Halmi, who has joined the Performance Management and Delivery Unit (Pemandu).
Surprisingly, no announcements were made and it was via a news report that the update was disseminated. For a high-profile government-owned body which has made billions of ringgit in investments and issued large amounts of bonds, we would have expected more………………………………………..Full Article: Source

Government of Singapore Investment Corp., which manages more than $100 billion of reserves, operates without “political meddling” from the city-state’s authorities, an adviser said.
The sovereign wealth fund’s biggest investments include Citigroup Inc. (C) and UBS AG, according to data compiled by Bloomberg. The investments are made for the long term, said Ng Kok Song, who retired as GIC’s group chief investment officer in January…………………………………Full Article: Source

Sovereign wealth funds (SWFs) hold a major advantage over central banks in that they don’t have to worry too much about asset liquidity – and yet some do not exploit this benefit, says Ng Kok-Song, chairman of investments at Singapore’s biggest state fund.
Being able to invest in illiquid assets and for the very long term – and hence being able to act at appropriate times in contrarian fashion – can help improve returns significantly, he notes…………………………………Full Article: Source

José Filomeno de Sousa dos Santos, the son of Angola’s President José Eduardo dos Santos, has just swept in and out of South Africa to market the country’s new $5 billion (R45bn) sovereign wealth fund, as well as to talk to fund managers and investors here.
Interviewed at the Mount Nelson Hotel, while he attended a conference of African countries that also have sovereign wealth funds, he was asked whether South Africa should follow the Angolan example. He replied that it was created to promote growth and improve socio-economic conditions in his country, but “South Africa is advanced in terms of industrialisation”…………………………………Full Article: Source

People may be surprised to learn that the State Capital Investment Corporation (SCIC) puts most of its trillions of dong in capital into bank deposits for interest, rather than any kind of actual investment.
The SCIC was incorporated in 2005 under a bid to enhance the efficiency of state capital utilization during the height of the ongoing economic and SOE reforms. SCIC’s primary objectives are to represent state capital interests in enterprises and invest in key sectors and essential industries in order to strengthen the dominant role of the state sector………………………………………..Full Article: Source

The Central Bank of Nigeria, CBN, Governor, Lamido Sanusi, has described the recent controversy surrounding Nigeria’s management of its excess crude revenue savings and external reserves as unnecessary, saying the Federal Government used part of the savings in the Excess Crude Account, ECA, to finance the controversial petroleum subsidy payments.
Payments by the Federal Government for subsidy on petroleum products supply and distribution, which was only N290 billion in 2009 rose astronomically in controversial circumstances to about N2.1 trillion in 2011, resulting in a national protest by Nigerians in January 2012 after the government announced a hike in the price of petrol………………………………………..Full Article: Source

In a mini-reshuffle, Singapore’s sovereign wealth fund GIC announced it had appointed Jeffrey Jaensubhakij as president of its asset management business, which manages public market investments.
The 46-year-old, who joined GIC in 1998 as a senior economist covering the US, relinquishes his position as the firm’s Europe president and will relocate from London to Singapore to take up the role, effective from April 1………………………………………..Full Article: Source

Libya will replace the head of its sovereign wealth fund, Mohsen Derregia, after the government deemed his performance unsatisfactory, Prime Minister Ali Zeidan said, but so far he has refused to step down despite being told to do so days ago.
Speaking at a news conference on Thursday, Zeidan said deputy central bank governor Ali Mohammed Salem Hebri would temporarily take charge of the Libyan Investment Authority (LIA) until a permanent replacement was found. “The head of the LIA will be changed. This is the government’s policy. Whoever cannot do their job properly will be replaced,” Zeidan said. “Up until now he has declined to step down but he needs to do that.”……………………………………….Full Article: Source

Government of Singapore Investment Corp., manager of more than $100 billion of the city’s reserves, named Jeffrey Jaensubhakij, 46, as the president of GIC Asset Management.
Jaensubhakij will replace Lim Chow Kiat, who became chief investment officer in February, as of April 1, GIC said in an e- mailed statement today. Jaensubhakij, who joined GIC in 1998, will relinquish his current role as the president Europe and relocate from London to Singapore, according to the statement………………………………………..Full Article: Source

Qatar’s sovereign wealth fund has hired UBS to advise on a possible $3 bn investment in Russian state-controlled bank VTB, a source with direct knowledge of the matter said. Russia’s second-biggest lender, advised by Citigroup, has been working on a capital increase to support day-to-day operations. Analysts say the Moscow stock exchange is too small to supply VTB’s needs.
Qatar Holding, widely seen as an opportunistic investor, has a history of investing in large banks in need of capital. At the peak of the global financial crisis, it invested in banks such as Barclays and Credit Suisse on terms regarded as favourable to the fund. “Talks are very advanced”, one of the people said about Qatar’s discussions with VTB…………………………………..Full Article: Source

VTB Group rebounded, headed for the biggest gain on Russia’s benchmark stock gauge, after Reuters reported Qatar’s sovereign wealth fund hired UBS AG (UBSN) for advice on a possible $3 billion investment in the bank.
The bank gained as much as 1.7 percent after falling 2.4 percent earlier and traded up 1.3 percent at 5.56 kopeks by 3:24 p.m. in Moscow. The amount of shares traded was 48 billion, equivalent to about 1.4 times the three-month average. The Micex tumbled 1.2 percent…………………………………..Full Article: Source

The Federal Government of Nigeria on Thursday confirmed the operational pattern of the Sovereign Wealth Fund (SWF) which is expected to take off next month and the appointment of a leading financial services firm, JP Morgan, as the custodian. The government also dismissed as untrue the reported disagreement between it and the 36 state governors under the aegis of Nigeria Governors Forum over its take off.
The Fund’s Chief Executive Officer, Mr. Unche Orji, who spoke to journalists at the end of the National Economic Council meeting presided over by Vice President Namadi Sambo at the Presidential Villa, Abuja said the Fund was going on as planned as government was determined to ensure that it becomes operational by March ending……………………………………..Full Article: Source

Singapore state investor Temasek Holdings Pte Ltd has hired the deputy chief executive of Singapore Technologies Engineering Ltd as a senior managing director to look at investment opportunities in the liquefied natural gas sector.
Seah Moon Ming, an electronics engineer by training who oversaw four business units at ST Engineering, will be part of a new “enterprise development group” formed under Dilhan Pillay Sandrasegara, sources with direct knowledge of the matter told Reuters……………………………………Full Article: Source

Samruk-Kazyna National Welfare Fund will start cost saving, Tengrinews.kz reports citing the Fund’s press-service. 11 Kazakhstan companies have already implemented the cost saving program. “The group is expected to save around 70 billion tenge ($467 million) in three years. The fund’s cost saving program was developed with the help of international consultants.
All business processes, self-costs and other expenses of the companies were analyzed. The program is expected to improve the competitiveness and optimize the group’s activities. The three-year program is being implemented by KazMunaiGas, Kazakhstan Temir Zholy, KazAtomProm, Kazakhstan Engineering, Samruk-Energy, KEGOC, KazpPochta, Kazakhstan Development Bank, SK-Farmatsiya, Damu and Samruk-Kazyna Fund,” the press-service said…………………………………..Full Article: Source

The Government of Azerbaijan has turned into a lazy element and the hope and confidence in stability of the State Oil Fund revenues have transformed the government into club of oligarchs and consumers in the same time, the Azerbaijani information portal Haqqin.az says.
“Since last year, the Oil Fund actively purchases properties in overseas. In the near future more than a billion dollars will be spent on the purchase of real estate. Considering the fact that the global economic crisis continues unabated, new waves of crisis occur each year, and experts say that the real improvement will not arrive up to 2020, these steps of the Fund appear to be very risky. As we know, during the crisis the property prices go down in the first place,” the article says……………………………………….Full Article: Source

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Arabtec Holding, Dubai’s largest construction company, has moved employees to neighbouring Abu Dhabi after a firm backed by the UAE capital increased its stake and took seats on the board last year.
Aabar Investments, backed by one of Abu Dhabi’s sovereign wealth funds, last year raised its stake in Arabtec to 21.6 per cent. The company has won large projects in Abu Dhabi in the past year, including construction of a branch of the Louvre museum and the Midfield terminal at Abu Dhabi airport. Aabar, which dropped a $1.74 billion takeover offer for Arabtec almost three years ago, was delisted from Abu Dhabi’s stock exchange in 2010………………………………………..Full Article: Source

The National Investment Corporation of the National Bank of Kazakhstan, a sovereign wealth fund (SWF) managed by the central bank, is seeking a fund-of-hedge-funds manager and a private equity fund-of-funds manager to run parts of its newly launched investment portfolio.
The Investment Corporation, launched last summer with the aim of becoming a major global player, published tenders for the two roles on its website today, specifying that each manager would be responsible for assets worth between $50 million and $150 million………………………………………..Full Article: Source

Libya’s government needs to establish a governance framework with macro fiscal policy, whereby the North African country’s sovereign wealth fund (SWF) and the budget reserve account at the central bank are integrated as part of key reform priorities in the post-revolutionary transition period, the International Monetary Fund (IMF) said.
The SWF, known as the Libyan Investment Authority (LIA), should be a “fund system with clear and rigid inflow and outflow rules”, the Washington-based organisation said in a 62-page report released Tuesday. The fund needs to be “a dynamic and completely transparent and accountable system”, it said, adding that it should be based on clear and regulated investment criteria………………………………………..Full Article: Source

The State Capital Investment Corporation (SCIC) has reported an impressive business result for 2012. However, experts still can see big problems of the state’s super-power. In Vietnam, SCIC is a powerful corporation which specializes in making investment with the state’s money. It injects money in the potential businesses for profit or carries out the investment deals as instructed by the State. Therefore, SCIC is believed to have a so called “super power.”
The powerful corporate has reported a “bountiful crop” 2012 with sky high profits from the investment deals. However, economists have pointed out that most of the profits came from one investment deal in Vinamilk, the dairy producer which now holds the biggest dairy market share in Vietnam………………………………………..Full Article: Source

A question has been raised on how the SCIC’s fate would be if one day, it has to abandon Vinamilk shares? Though SCIC has reported a brilliant success in business results in 2012, economists still can see high risks the super corporation is facing.
By December 31, 2012, SCIC had invested capital in 400 enterprises with the book value of VND14 trillion and the market value of VND50 trillion………………………………………..Full Article: Source

Russia’s Finance Ministry may hire private companies to manage part of the country’s fiscal reserves, Deputy Finance Minister Sergei Storchak wrote in business daily Vedomosti on Monday.
Storchak said that three Russian investment banks - VTB Capital , Troika Dialog and Renaissance Capital could qualify as fiduciary managers, as they are “leaders on the market of such operations.” Troika Dialog was rebranded as Sberbank CIB last year following its acquisition by Sberbank, Russia’s largest bank…………………………………….Full Article: Source

China’s sovereign wealth fund, China Investment Corporation (CIC), is setting its sights on previously overlooked sectors such as manufacturing, infrastructure, and properties in 2013. The aim is to further diversify investment risk.
Speaking at the Asian Financial Forum in Hong Kong on January 14, Lou Jiwei, chairman and chief executive officer at CIC, remarked: “As a long-term institutional investor, CIC is looking for risk-adjusted returns through risk diversification. As such, the fund takes the unbiased view of spreading its investment across a range of industries.”……………………………………Full Article: Source

Once again, governors of the 36 states have threatened to resume hostilities with the Federal Government on the legal turf of the Supreme Court, over the continued operation of the Excess Crude Account (ECA), following the inability of the two parties to reach an amicable out-of – court settlement, as originally advised by the seven wise men of the apex court.
But as the two parties remained enmeshed in their unending battle, concerns are mounting among major stakeholders in the oil and gas sector, especially in view of a recent British Petroleum (BP) Annual Statistical Review for 2012 just released, which declared that Nigeria’s crude oil reserves and production ratio may not last beyond the next 46 years……………………………………….Full Article: Source

Ms. Elena Bakhmutova, Vice Chairwoman of the Samruk Kazyna Sovereign Wealth Fund Board, commented on Russia’s Sberbank President German Gref’s concerns over the Fund’s policy towards banks.
Mr. Gref earlier expressed concerns that Kazakhstan is taking steps to restrict operations of foreign banks in Kazakhstan, including those of Sberbank. Notably, he referred to suggestions to set limits on deposits of national companies [owned by Samruk Kazyna] kept with foreign banks. According to him, this measure is discriminating against foreign banks and is an obstacle to fair competition within the Single Economic Space………………………………………..Full Article: Source

Excess crude account - Govs insist on supreme court resolution. The 36 state governors, under the aegis of the Nigeria Governors Forum (NGF), yesterday lambasted the federal government over its attitude to the management of Excess Crude Account and resolved not to entertain further adjournments of the case pending at the Supreme Court.
Several attempts for an out-of-court settlement at the instance of the federal government had failed to appease the governors who described the deductions made by the federal government from the account as illegal. The governors stated this after their first meeting for the year, which was chaired by Rivers State Governor Rotimi Amaechi………………………………………..Full Article: Source

Mahmood H. Al-Kooheji, CEO of Bahrain’s Sovereign Wealth Fund Mumtalakat, talks about the need for SWFs to be open in their investment process as well what investments interest his own fund.……………………………………….Full Article: Source

Kazakhstan earmarked $ 10 billion out of the National Oil Fund [accumulating windfall oil revenues] to combat the financial crisis. However, the money has gone nowhere, a Tengrinews.kz journalist reports, citing President Nazarbayev as saying at a sitting in his Akorda Residence held to tally 2012 results.
“It’s easy to ask for money out of the National Oil Fund. The $ 10 billion allocated to combat the financial crisis is gone. There is no pay-off”, President said. According to President, “country’s banks are begging for the National Oil Fund’s money rather than working properly to earn money”………………………………………..Full Article: Source

The Abu Dhabi Investment Authority (ADIA) has appointed Gregory Eckersley as global head of internal equities, effective immediately. Eckersley will be responsible, alongside senior management, for developing and implementing investment strategy for the internal equities department, as well as overseeing the activities of all internally-managed portfolios.
His role will also include oversight of risk management and due diligence processes. Based in Abu Dhabi, Eckersley will report to Mohamed Darwish Al Khoori. Eckersley joins ADIA with 16 years experience at AllianceBernstein. From 2006 until his departure in 2011, he was responsible for managing AllianceBernstein’s global and large cap growth equity portfolios based in New York………………………………………..Full Article: Source

Khazanah Nasional Bhd managing director Tan Sri Azman Mokhtar has brushed off suggestions that flag carrier Malaysia Airlines should be taken private. “When you take something private, you have to pay above the market price. It does not put money into the company, that goes to the seller. But the operation needs money. Do those suggesting this realise this?
“Yes, we can take it private, but that doesn’t solve any problems. In fact you have to pump in more money because now you own 100%,” he told the media at the state investment firm’s annual review………………………………………..Full Article: Source

A new report has some advice for Canada when it comes to managing its oil wealth — be more like Norway. The study from the Canadian Centre for Policy Alternatives released Thursday calls for a more hands-on approach both provincially and federally toward developing the resource, divvying up its riches and reducing its environmental impacts.
Norway set up its Government Pension Fund Global in 1990. It is now the largest sovereign wealth fund in the world at $664 billion and continues to grow. By contrast, the Alberta Heritage Savings Fund, set up by the Lougheed government in 1976, contains only about $16 billion………………………………………..Full Article: Source

With job cuts being rolled out across the financial sector, many professionals are eyeing opportunities at large sovereign wealth funds, which are recruiting heavily, particularly in the Middle East. In my experience, however, it would be like signing up to the civil service.
In my eyes you would be mad to take a role at one of the large SWFs in the region – they are huge, unwieldy behemoths, where the decision-making process is arduous and wealth continues to expand regardless of their investment strategies………………………………………..Full Article: Source

The Abu Dhabi Investment Authority, one of the world’s largest sovereign wealth funds, appointed Gregory Eckersley as global head of its internal equities department, overseeing portfolios, risk management and the due- diligence process.
Eckersley joined ADIA from 1770 Capital Partners, a fund he jointly started in 2011 that focuses on global energy, mining and commodities, the Abu Dhabi-based sovereign wealth fund said………………………………………..Full Article: Source

The share of Chinese companies in the Kazakhstan’s Oil and Gas industry will exceed 40% in 2013, KazTag reports, citing an unidentified source.
“After KazMunaiGas EP acquires stakes in Kazakhoil Aktobe, Kazakhturkmunai and Mangistau Investments B.V. from KazMunaiGas, the China’s share will grow substantially China Investment Corporation and its controlled companies already own 30% in KazMunaiGas EP”, the source stressed……………………………………….Full Article: Source

Estimated costs for managing the State Oil Fund of Azerbaijan (SOFAZ) have been approved by President Ilham Aliyev.
Under the relevant order, SOFAZ administrative costs are limited to AZN 86.3 million. Their basis will include purchase of non-financial assets for AZN 62.177 million, including buildings and structures for AZN 60 million. Bank expenditures will amount to AZN 6.238 million, labour payment AZN 3.887 million, capital repair of administrative and managerial assets AZN 2.4 million………………………………………..Full Article: Source