Azerbaijan, Baku, Sept. 1. / Trend E.Ismayilov /
The U.S. Trade and Development Agency (USTDA) has approved the third grant worth $250,000 for the realization of the third phase of the project on the institutional development of the State Oil Fund of Azerbaijan (SOFAZ), SOFAZ said on Sept.1.
The USTDA and SOFAZ are expected to sign a grant agreement soon. At present, the sides carry are carrying out work, particularly, are developing the documents, SOFAZ added.
The total cost of the third phase is $500,000. Thus USTDA will grant $250,000 under the project and SOFAZ $250,000. USTDA financed fully the previous two phases and regarding the increase of Azerbaijan's incomes USTDA proposed to finance partially.
The third phase of the project includes assistance in selection of managers and their administration, as well as creation of internal training system for the fund's employees (it will resemble internal school for training employees on 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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