SOFAR EXECUTIVE DIRECTOR LEFT FOR USA
The Executive Director of the State Oil Fund of Azerbaijan (SOFAR) left for the USA at the head of the SOFAR mission. His tour will last till 14 July, during which Juno (Alyaska) and New-York are scheduled to be visited, the SOFAR told Trend.
The goal of the visit is to study the Alayska FundвЂ™s and its individual structuresвЂ™ work experience. The visit is being carried out within the project for technical assistance (The project вЂњImprovement of the institutional development of the State Oil Fund of AzerbaijanвЂќ), implemented by the Overture Financial Services LLC under the US Agency for Trade and Development (USTDA).
A number of meetings, particularly, with the AlyaskaвЂ™s Fund Executive Director, Mickle Bern and the stateвЂ™s governor, Murkovski are planned. Meeting with the US Agency for Trade and Development regional director on Euro-Asia, Daniel Stein is planned in New York.
In April the Overture Managed Solutions (OMS) (a daughter company of the motherвЂ™s Overture Financial Services LLC) launched implementation of the вЂњImprovement of the institutional development of the State Oil Fund of AzerbaijanвЂќ project. The project is scheduled for 9 months.
The agreement on the project implementation, financed by the USTDA has been signed on 18 January 2005 between the SOFAR and the Overture Financial Services. The agreement has been approved by USTDA on 7 April of the current year, thus, becoming valid.
In November 2004 the OMS company has been announced the winner of the tender, held by TDA. The OMS, which headquarter in New-York, is specialized in the construction of the most up-to-date management systems for investing in financial institutions under the вЂ�turn-keyвЂќ basis.
The OMS provides also consulting services on application of these systems for financial institutions, pension funds and other institutional funds.
For the improvement of the SOFAR institutional building, on 19 May 2004, agreement between TDA and SOFAR on allocation of the technical assistance (grant) amounting to $1 091 thousand has been signed for the FundвЂ™s institutional building.