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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration, People

State Oil Fund head: Azerbaijan is ready to share its experience in oil revenue governance

Posted on 04 September 2013

The State Oil Fund of Azerbaijan (SOFAZ) has gained rich experience in the rational governance of a large amount of funds received from the extraction, processing and sale of oil and gas. It is ready to share it with its foreign counterparts, SOFAZ Executive Director Shahmar Movsumov said at the second forum “South Caucasus in a Changing World” of the Association of Scientists for Foreign Relations in Baku today, which is organized by the Centre for Strategic Studies under the Azerbaijani President.
The spending of SOFAZ’s funds are annually approved by the Azerbaijani Parliament and the Presidential Administration. “We are funding large-scale infrastructure projects in the country,” he added. “The construction of temporary settlements for refugees and IDPs, who previously lived in very poor conditions, is being financed through SOFAZ’s funds. We were able to provide more than 150,000 people with decent housing.”……………………………………….Full Article: Source


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