Overture Financial Services LLC to Be Involved in Implementation of Phase II of SOFAZ Institutional Capacity Building Project

Business Materials 9 February 2007 20:31 (UTC +04:00)

Today, on February 8, 2007, the State Oil Fund of Azerbaijan (SOFAZ) and Overture Financial Services LLC have signed a contract to implement Phase II of the US Trade and Development Agency (TDA) funded under SOFAZ Institutional Capacity Building project.

Trend reports quoting a message being spread by SOFAZ today, that USTDA and SOFAZ signed a grant agreement on $855,075 on USTDA funding for the cost of goods and services required for technical assistance on Phase II of the Institutional Capacity Building for SOFAZ project during the US-Azerbaijan Economic Partnership Committee's first meeting held in Baku on February 7, 2007

The agreement was signed between Shahmar Movsumov, the Executive Director of SOFAZ, and Samir Kabbaj, the Managing Director of Overture Financial Services LLC

The scope of phase II includes the assistance with selection and implementation of the ledger accounting system, portfolio management/accounting system, and portfolio performance engine and risk management solution.

Phase I of the Institutional Capacity Building Project, which was implemented by Overture Financial Services and financed by USTDA in accordance with the grant agreement, signed between SOFAZ and the US agency on May 19, 2004 was completed in August, 2006. The technical aid of USTDA within the first stage was $1.091 mln

Compiling criteria for the selection of foreign managers, appraising them and their proposals will be the subject of Phase II. Only after it takes place, the selection of new managers for SOFAZ will be commenced.