Business Materials 1 November 2006 18:00 (UTC +04:00)

The State Fund of Azerbaijan (SOFAZ) plans, by the end of 2006, to conclude a contract with the World Bank (WB) for joining Reserve Assets Management Program (RAMP), said the SOFAZ Executive Director Shamkhar Movsumov, Trend reports.

It is a broad program of the WB that renders assistance at any level and helps to liquidate shortfalls in various directions.

Central banks of the countries around the world and specialized funds may join the project. The project is so wide that even the WB refuses to connect a number of central banks to it. SOFAZ's joining the project is a great success.

Based on the request of the Fund, the WB will provide technical assistance to the Oil Fund of Azerbaijan. It is not a grant, but technical assistance. It envisages assistance from institutional development to staff development.