Azerbaijan spends over $4.3 bln for investments

Source: AzerNews

So far, 3.449 billion manats has been allocated to the investment spending from the state budget of Azerbaijan in the first half of 2013, which is 37.2 percent, or 935 million manats more as compared to January-June 2012, Azerbaijani Minister of Finance Samir Sharifov said at a meeting of the Cabinet of Ministers, dedicated to the socio-economic development in the first half of 2013 and the upcoming challenges on July 18.

"Some 730 million manats of this sum was allocated for the construction and reconstruction of scientific, educational, cultural, sports and other social and welfare facilities," Sharifov noted.

According to Sharifov, 2.129 billion manats has been allocated to the construction and reconstruction of the country's communications infrastructure, while 400 million manat was attracted in foreign loan.

"A total of 858 million manats out of state funds has been allocated for the renovation and construction of road infrastructure, 93 million manats for the JSC Azerbaijan Airlines, 326 million manats for the Baku Metro, 80 million manats for gasification activities provided by the State program of socio-economic development of the regions of Azerbaijan in 2009-2013, 430 million manats for the recovery and reconstruction of the water and gas supplies and 187 million manats for activities on improving the soil reclamation. At the same time, 100 million manats has been allocated for Azerenergy to ensure a constant supply of energy," Sharifov said.

According to Sharifov, 3,1 billion manat has been invested to increase the production of electricity and energy security of the country by internal and external sources over the last 10 years.

"The commissioning of TPP Janub with a capacity of 780 MW was a significant event in the history of Azerbaijani electricity," he said.

In the first half of 2013, 225 million manats has been allocated to finance investment projects in the Nakhchivan Autonomous Republic, which is up by 1.9 times (or 107 million manat) compared to the same period of 2012.

The official exchange rate for July 19 is 0,7844 AZN / USD.