Deliberating Council on the project of "Potential use of petrodollars to convert black gold into human gold" meets

Baku, 7 August 2006 (Azeri-Press Information Agency) - Deliberating Council on the project of "Potential use of petrodollars to convert black gold into human gold" met on August 4. The joint project is being implemented by the UNDP and the Ministry of Economic Development.

The council co-chair, economic development minister Heydar Babayev briefed the participants and said that implementation of September 27, 2004 presidential decree on "A long-term strategy for 2005-2025 on management of oil and gas revenues" will yield very favorable results.

He stated that the principal aim is to reduce poverty and work out effective execution mechanisms for the development of non-oil sector and human capital.

The Council co-chair, UN resident coordinator Marco Borsotti said that oil strategy of Azerbaijan is successfully being implemented and the Concept of "Conversion of black gold into human gold" is very close to the reality.

Mr. Borsotti said that works aimed at creation of National Education Scholarship Fund and preparation of Strategy for Development of Human Resources are examples of concrete steps taken within the project.

Michael Hopkins, head of international expert group and the UNDP representative David Eizenberg made a speech on National Education Scholarship Fund.

Education Minister Misir Mardanov, Head of the National Bank Management Board Elmar Rustamov, SOFAZ Executive Director Shamar Movsumov, Chairman of Trustee Board of AzPromo Chingiz Asadullayev, Deputy Minister of Labor and Social Protection of Population Ilgar Rahimov and others expressed opinion on the issue.

It is intended to submit the generalized proposals on creation of the National Education Scholarship Fund to the government in fall. /APA/