SOFAZ backs youth education with $78 million allotment

According to July 1, 2013 data, around 61.06 million manat has been allocated by the State Oil Fund of Azerbaijan since 2008, within the State Program for the Education of Azerbaijani Youth Abroad for 2007-2015, the official website of the State Oil Fund reported.

According to the report, around 58 percent of the total volume of resources allocated by the Fund for education of youth in the indicated period (from 2008 to April 1, 2013) was spent on providing students' accommodation (in hostels and etc.), 35.7 percent - on tuition fee, 3.5 percent - on travel expenses, 1.3 percent - on health insurance, 1.3 percent - on other expenses and 0.3 percent - on visas and registration.

In particular, nearly 6.3 million manat was allocated by the Fund during the first six months of 2013, for education of Azerbaijani youth abroad.

Around 2.61 million manat of the total volume of resources allocated in January-June, was spent on students' accommodation, around 3.3 million manat - on tuition fees, 171,900 manat - on travel expenses, 114,600 manat - on health insurance, 14,000 manat - on visa execution and registration, 81,100 manat - on other expenses.

The State Oil Fund was established in 1999, and its assets at that time amounted to $271 million.

The main goals of the State Oil Fund include: accumulation of resources and placement of Fund's assets abroad in order to minimize the negative affect on economy, the prevention of "Dutch disease" to some extend, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.

The assets of the State Oil Fund for July 1, 2013 increased by 1.6 percent compared to $34 129.4 million in early 2013, and amounted to $34 678.4 million.

The official exchange rate for July 24 is 0.7843 AZN/USD.


/Trend/