Shahmar Movsumov, the Executive Director of the State Oil Fund of Azerbaijan (SOFAR) intends to sign, by the end of the year, a $1mln. grant agreement with the US Trade & Development Agency (USTDA) on the implementation of the second stage of the project on the improvement of the institutional development of the SOFAR, Trend reports.
The initial agreement on the grant has been achieved, he stated.
The first stage of the project was implemented by Overture Financial Services (OFS) at the grant of TDA, allotted in accordance with the agreement dated 19 May 2004.
During the second stage of the project, which will also be implemented by OFS, it is planned to improve the accountancy system, management over investment portfolio and estimation of income, the rendering of consultations services on management and the selection of a company/system to establish a system on assessment of risks.