The growing investments

The investments to the economy of Azerbaijan from all sources in 2004 will increase by 30% expectedly. And non-oil sector makes 80% of this growth. The Chief of the Financing-Credit and Economic Policy Department of the Cabinet of Azerbaiijan Mr. Oktay Akhverdiev has called such rates. By his words, the state investments this year will make about 460 bn manats. However, these means will be transferred for financing the share of the state in the different projects invested by international financing structures. As well a number of projects will be realized in the regions of the country. Besides, the realization of several projects within frameworks of the state program "Reduction of Poverty and Economic Development of Azerbaijan" will start. In accordance with results of the past year 17.81 trln manats were transferred to the economy of the country or 71.2% more than in 2002. And the non-governmental sector received 15.805 trln manats or 88.7% of all investments. Totally the past year the volume of investments in account of internal sources made 3.47 trl manats (19.5% of all investments) and 14.341 trln manats for foreign. The volume of foreign investments for 2003 has grown by 84.2% in comparison with 2002. The total volume of investments to the economy of Azerbaijan since 1992 (a period of reception of independence) up to 2003 made $16.5 bn manats. The official rate by May 7 - 4916 manats/$1.