Baku: The State Oil Fund of Azerbaijan (SOFAZ) has reported a significant milestone, with its assets now exceeding the nation’s external public debt by 13 times. This achievement was highlighted at a scientific-practical conference focused on the ‘Economic foundations of state sovereignty and economic independence.’

According to Azeri-Press News Agency, the Deputy Executive Director of SOFAZ, Bahruz Bahramov, shared these insights during the event organized by the Milli Majlis Committee on Economic Policy, Industry, and Entrepreneurship. Bahramov highlighted that over the past decade, SOFAZ’s investment income has surpassed 15 billion US dollars.

Bahramov stated that the Fund, which started with an initial capital of 270 million US dollars, has now grown its assets to over 70 billion US dollars. He further noted that the Fund’s assets have reached more than 90% of Azerbaijan’s GDP, showcasing its substantial growth and financial influence.