16:51 - 24.12.2024

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December 24, Fineko/abc.az. The current assets of the State Oil Fund of the Republic of Azerbaijan (SOFAZ), founded in 1999, have exceeded $60 billion and made up nearly 80% of country's economy, ABC.AZ informs, quoting SOFAZ executive director Israfil Mammadov at the annual meeting devoted to the 25th anniversary of SOFAZ.

He added that SOFAZ funds management revenues have already exceeded $15 billion. These figures demonstrate the SOFAZ successful operating model, a strategic approach and investment policy based on a risk management mechanism based on international standards: “The Fund not only improves its financial results, but also acts as one of the main financial pillars serving sustainable development and the interests of future generations, investing in projects that strengthen Azerbaijan's position in the global economic sphere.”