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Sovereign Wealth Funds Briefing - Categorized | Financials, Performance

Azerbaijan SWF equal to half national GDP

Posted on 09 April 2013

The volume of funds held in the state oil fund SOFAZ — an entity that accumulates and manages Azerbaijan’s oil and gas revenues — is currently equal to half of the country’s gross domestic product, SOFAZ head Shahmar Movsumov told a meeting of the World Economic Forum (Davos Forum) in Baku on Monday.
In early March, the State Statistics Committee reported that Azerbaijan’s GDP increased by 3.2 percent in January-February compared to the same period of last year and hit 8.344 billion manats (nearly $10.63 billion). According to Movsumov, the funds accumulated in the state oil fund are mainly invested outside the country and mostly directed to infrastructure projects………………………………………..Full Article: Source


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