Azerbaijan, Baku, July 24 / Trend E. Ismayilov /
Israfil Mammadov was appointed deputy executive director of the State Oil Fund of Azerbaijan (SOFAZ) upon Azerbaijani President Ilham Aliyev's order, SOFAZ said today.
Up to now Mammadov has headed the asset management department in SOFAZ. Earlier, he worked as an attache in International Economic Relations Department at the Azerbaijani Foreign Ministry, the first, second, and third secretary of the Azerbaijani embassy in the UK, as well as a SOCAR representative in the UK.
SOFAZ was established in 1999.
The main purposes of the fund are: the accumulation of funds and placement of the fund's assets abroad to minimise the negative impact on the economy and prevent 'Dutch syndrome', to ensure savings for future generations and to maintain the current socio-economic standards of the country.