| 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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