The assets of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) are expected to touch about $50 billion over the coming five years, Trend reports. This forecast is based on the assumption that current crude oil prices sustain and SOFAZ spending remains the same as this year, according to SOFAZ executive director Shahmar Movsumov.
SOFAR also funds strategically significant infrastructural and socially focused projects in Azerbaijan. The sovereign wealth fund’s initial kitty of $271 million in assets had increased to $20 billion in 2010.
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