Baku, Azerbaijan, May 1
By Emil Ismayilov - Trend:
Azerbaijani State Oil Fund (SOFAZ) and Iran's National Development Fund discussed the prospects for bilateral cooperation in Baku.
The Iranian delegation that took part at the meeting was headed by member of the Board of Directors and deputy director general of the Fund, Seyed Ghasem Hosseini, SOFAZ said on May 1.
The main purpose of the meeting is to become familiar with SOFAZ's activity, to learn experience within the International Forum of Sovereign Wealth Funds, comply with the Santiago Principles and to become closely familiar with the reporting in this sphere.
During the meeting, the parties discussed the aspects of bilateral cooperation.
SOFAZ's funds may be used for construction and reconstruction of strategically important infrastructure facilities as well as solving important national problems, according to the fund's rules.
The main purposes of the fund are the accumulation of funds and placement of the fund's assets abroad to minimize the negative impact on the economy, preventing 'Dutch syndrome', to ensure savings for future generations and to maintain the current social and economic standards in the country.
SOFAZ assets increased by 5.1 percent as of January 1, 2014 compared to early 2013 ($34,129,400,000), and amounted to $35,877,500,000.
SOFAZ funds stood at nearly $36.6 billion as of early April, 2014.
Translated by L.Z.
Edited by C.N.