BAKU, Azerbaijan, March 8
Trend:
The State Oil Fund of Azerbaijan (SOFAZ) has entered the top five most transparent sovereign funds in the world, SOFAZ told Trend.
SOFAZ was created by Azerbaijani great leader Heydar Aliyev as an important part of a successful oil strategy to ensure the fair distribution of oil and gas revenues between current and future generations.
From the beginning of its activity, playing an important role in the socio-economic life of the country, SOFAZ has been recognized worldwide as an exemplary fund in the field of asset management, corporate governance, institution building, accountability and transparency and has received high awards.
SOFAZ has made a great contribution to maintaining the country's high prestige.
SOFAZ ranked fifth with 92 points among 64 sovereign wealth funds in the table of sovereign wealth funds on transparency and accountability for 2019 compiled by the US prestigious Peterson Institute for International Economics (PIIE), which assesses the effectiveness of the activity of sovereign wealth funds in terms of transparency and accountability, and published in February 2021.