SOFAZ and USTDA Agreed on Amount of Grant on Phase II of Institutional Development for SOFAZ

Business Materials 30 January 2007 18:31 (UTC +04:00)

SOFAZ and USTDA (United States Trade and Development Agency) agreed on the value of Phase II of the project on the institutional development of the Fund. Shahmar Movsumov, the SOFAZ Executive Director, informed Trend that USTDA was expected to grant $0,8 mln. on the implementation of the phase of the project.

According to him, the forthcoming grant agreement is expected to be signed in the near time.

Phase II envisages a more extended assistance to the Fund in the field of its technical procurement. Two tenders have already been announced due to this issue, said Mr. Movsumov.

Within Phase I, an American company, Overture Managed Solutions has already completed rendering consulting services. The technical aid of USTDA within the first stage was $1,091 mln. Compiling foreign managers selection criteria, their appraisal, and proposals will be a matter of Phase II of the project. Only after it, the procedure of selection of new managers for SOFAZ will be commenced.