State Oil Fund of Azerbaijan starts investing in IFC Global Infrastructure Fund

Azerbaijan, Baku, April 1 / Trend E.Ismayilov / The State Oil Fund of Azerbaijan (SOFAZ) is going to allocate $150 million for participation in the Global Infrastructure Fund, created by the International Finance Corporation, together with other sovereign and pension funds, according to a statement released by SOFAR on Monday. 'The share of SOFAR in the Global Infrastructure Fund will be increased to $200 million, while its total budget is $500 million', the statement says. In 2010 SOFAZ already invested $100 million to the IFC African, Latin American and Caribbean Fund in 2010 and USD 50 million to IFC Catalyst Fund in 2012. The State Oil Fund of Azerbaijan, the sovereign wealth fund, was established in December 1999 by a Presidential Decree as an extra budgetary entity which accumulates and manages oil and gas revenues of the country. Its primary objectives are to help maintain macroeconomic stability in the country and to generate wealth for present and future generations. As of 01 January, 2013, assets of SOFAZ totalled USD 34129.4 million. Do you have any feedback? Contact our journalist at agency@trend.az