SOFAZ and USTDA Completed Agreement on Phase 2 of Institutional Development of SOFAZ

Business Materials 20 December 2006 16:21 (UTC +04:00)

The State Oil Fund of Azerbaijan (SOFAZ) and the United States Trade and Development Agency (USTDA) has completed agreement within the Phase 2 of the project on the institutional development of the Fund.

Shahmar Movsumov, Executive Director of SOFAZ, told Trend that the agreement was expected to be signed in January, 2007. Phase 2 envisages a more extended assistance to SOFAZ in the field of technical assistance to the Fund, said Mr. Movsumov.

Within Phase 1, American Company Overture Managed Solutions have already completed rendering consultation services. Presently, the volume of the forthcoming grant is under determination. USTDA technical aid within the first stage of the project was at the amount of $1,091 mln.

Compiling criteria on selection of foreign managers, appraisal of their proposals are expected to be the subject of Phase 2 of the project. In 2007, the selection of new managers for SOFAZ will become possible.