Iran's NDF intends to expand cooperation with Azerbaijan's SOFAZ

Baku, Azerbaijan, May 3

By Emin Aliyev, Temkin Jafarov - Trend:

Iran's National Development Fund (NDF) intends to use the experience and groundwork of the State Oil Fund of Azerbaijan (SOFAZ), Iran's National Development Fund deputy director general Hassem Hosseini told Trend as part of his visit to Azerbaijan and meetings with officials of the country on May 2.

"Iran's National Development Fund was established three years ago," he said. "We are interested in using the experience of the countries that have already established such funds. We paid the first visit to Azerbaijan, because we believe that SOFAZ is a successful model of such an organization."

Hosseini noted that Iranian NDF representatives got acquainted with SOFAZ's activity, by visiting some departments of the fund, meeting the heads of these departments, as well as the executive director of SOFAZ, Shahmar Movsumov.

"During the visit, the Iranian delegation members got enough knowledge in terms of structural control and international cooperation as part of such organizations," Hosseini noted.

"The delegation also met with SOCAR representatives, the head of the Central Bank Elman Rustamov, Minister of Economy and Industry Shahin Mustafayev, Executive Director of Azerbaijan Investment Company Rovshan Najaf," he said.

"As the purpose of the visit is to get acquainted with the mechanisms of the fund activity in Azerbaijan, no signing of any contracts was planned," he added. I am sure that the treaties and cooperation agreement will be concluded in the future."

SOFAZ was established in 1999, and at that time its assets were at $271 million.

SOFAZ assets increased by 5.1 percent as of January 1, 2014 compared to early 2013 ($ 34. 129.4 billion), and amounted to $ 35.877.5 billion. SOFAZ funds hit $ 36.6 billion as of April 1, 2014.

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.

Currently, the assets of the Iran's National Development Fund hit about $ 60 billion.

Translated by NH
Edited by S.I.

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