SOFAZ, USTDA to sign agreement to finance institutional development project
Azerbaijan, Baku, July 24 / corr Trend E.Ismayilov /
The State Oil Fund of Azerbaijan (SOFAZ) and the US Trade and Development Agency will sign an agreement on financing the third phase of institutional development project in mid-August, SOFAZ Executive Director Shahmar Movsumov said on July 24.
The total cost of the project is $500,000. Thus USTDA will grant $250,000 under the project and SOFAZ - $250,000. The grant is likely to get approval next week.
The third phase of the project includes assistance in choice of managers and their governance, as well as creation of domestic system of training of the fund's employees (it will resemble domestic school that will prepare employees at permanent basis).
Necessity in further institutional development of the Oil fund is connected with great incomings from oil.
The fund intends to continue preparation work to get great profit. This work was launched two years ago. The work was carried out to introduce modern technologies, software, as well as increasing of professional level of the fund's personnel.
U.S Company Overture Financial Services has assisted to improve accounting system, rendering of consultations in choice of companies/systems for construction of risks estimation system and yield, as well as investment portfolio governance within the second completed phase of technical aid since 2007. Grant of USTDA hit $855,075 to implement these operations
Under Phase 1 Overture Managed Solutions acted as consultant to SOFAZ. Technical assistance of TDA constituted $1.091 million in this phase.
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