OREANDA-NEWS. November 03, 2009. The State Oil Fund of Azerbaijan established in December 1999 Investments in Azerbaijani economy in 2010 forecasted to be AZN 10.5 bn

Along with the Bill on Azerbaijan’s State Budget 2010 the package recommended for discussion at Milli Majlis plenary session also contains Socio–Economic Development Concept for 2010-13 prepared by the Ministry of Economic Development.

At today’s session of 5 parliamentary committees Sevinj Hasanova, deputy minister for economic development, has said that next year investments in country’s economy are forecasted at the level of AZN 10.5 bn.

“Of them domestic investments are expected to be AZN 8.5 bn, including AZN 3.6 bn from State Budget. 88.2% (AZN 2.6 bn) of budget investments will be directed for infrastructure and social projects,” Hasanova said.holds on increasing its assets despite fall of the level of world oil prices.

At 5 parliamentary committees’ session held today to cover the Bill on Azerbaijan’s State Budget 2010 SOFAZ executive director Shahmar Movsumov said that for the last 10 years the Fund received earnings at the level of USD 24 bn.

“If to take into account expenditures made by SOFAZ, its current assets total USD 14 bn, and in 2010 we are planning to receive AZN 300,000 of revenues from their placement,” Movsumov said.

Today SOFAZ’s assets make basis of Azerbaijan’s strategic currency reserves (over USD 19 bn).