Azerbaijan increases state investments by 38.9 % in 2011

Oct 26, 2011 12:00 AM

The investment costs of the Azerbaijani consolidated budget increased by 38.9 % or 1.116 bn manat for the first nine months of 2011 compared to the same period of last year. The figure hit 3.985 bn manat, Finance Minister Samir Sharifov said during a meeting of the Cabinet of Ministers chaired by President Aliyev and dedicated to the socio-economic development for the first nine months of 2011.
He said that about 3.281 bn manat of these expenses were transferred through the state budget, 32.2 mm manat -- the budget of the Nakhchivan Autonomous Republic, 335.6 mm manat -- the State Oil Fund of Azerbaijan, 336.2 mm manat -- at the expense of external loans.

About 394 mm manat of these funds were used to construct and reconstruct educational, health, cultural and sports facilities, as well as other social, cultural and residential facilities. About 37 mm manat were transferred to build houses and social facilities for war invalids, families of martyrs and other individuals in this category, 31 mm manat -- construction and reconstruction of sports facilities in the regions.
"About 761 mm manat were allocated to construct and reconstruct energy, water-supply, gas, communal, melioration infrastructure," he said.

“About 119 mm manat were allocated to create and reconstruct irrigation and drainage infrastructure, as well as the infrastructure to provide drinking water, 102 mm manat -- to reconstruct electricity distribution networks in Baku and regions and 150 mm manat -- measures on gasification."
About 20 mm manat were allocated from the state budget to implement the state program on creation and development of space industry in Azerbaijan.

Sharifov said that 1.176 bn manat were transferred to the transport sector of the country during the period, of which 768 mm manat -- to finance infrastructure projects relating to road transport and highways, 136 mm manat -- to develop and expand Baku Metro, 216 mm manat -- "Azerbaijan Railways", 46.6 mm manat -- to purchase ferries by Azerbaijan State Caspian Shipping Company.
"According to the President's decrees, about 147 mm manat were allocated from the presidential reserve fund for nine months to implement important social and infrastructure projects, including 30 mm manat -- to accelerate the socio-economic development," he said.

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