State Oil Fund of Azerbaijan invests $350 million in IFC projects

Business Materials 30 October 2013 17:12 (UTC +04:00)

Azerbaijan, Baku, Oct. 30 / Trend A. Akhundov /

The State Oil Fund of Azerbaijan (SOFAZ) invested $350 million in the funds of the International Finance Corporation (IFC), WB Baku office told Trend today. IFC is a part of the World Bank (WB).

WB Baku office said SOFAZ invested in three IFC controlled funds, namely the Global Infrastructure Fund, Catalytic Fund, African, Latin American and Caribbean Fund. All three funds are managed by the Asset Management Company.

SOFAZ has been actively implementing an investment programme since 2012 and in particular, buying real estate, gold and stocks abroad.

SOFAZ was established in 1999 when its assets amounted to $271 million.

As of Oct. 1, 2013, SOFAZ assets hit $35.809.2 billion.