Azerbaijan’s Oil Fund directed over AZN 10 million for education


January 19, Fineko/ AZN 11.35 bn were transferred to the State Budget last year as part of the execution of the budget of the State Oil Fund of Azerbaijan (SOFAZ).

ABC.AZ reports that AZN 10.2 million were allocated to finance the State Program to increase the international competitiveness of the higher education system in Azerbaijan for 2019-23.

As of 1 January 2022, Fund's assets grew by 3.35% compared with the beginning of 2021 ($43.56 bn) and amounted to $45.25 bn.

The increase in assets occurred due to SOFAZ’s budget revenues, including due to income from the management of SOFAZ finances.