Azerbaijan, Baku, April 27 / Trend /
The State Oil Fund of the Azerbaijan Republic (SOFAZ) together with the International Finance Corporation (IFC), the Dutch PGGM, the Korea Investment Corporation and the Saudi Arabian Foundation will invest in the newly created African, Latin American and Caribbean Fund under the auspices of the IFC, SOFAZ reported.
The new fund is expected to accumulate $1 billion and these funds will be managed by an IFC asset management company.
"This, in turn, will create conditions to improve the capacity of developing countries by investing in investor equities such as sovereign and pension funds with the IFC," SOFAZ said.
Under the first tranche, the fund will manage $600 million, of which $100 million will be provided by SOFAZ.
"These investments are an important step in building the fund's long-term strategy to improve and protect the wealth of the state, SOFAZ Executive Director Shahmar Movsumov said.
SOFAZ was established in 1999.