Azerbaijan became first out of world’s developing economies which invested in IFC-run Asset Management Company Funds
Baku, Fineko/abc.az. The State Oil Fund of Azerbaijan (SOFAZ) and International Finance Corporation signed today an agreement that expands their cooperation to support private sector development in emerging markets.
The IFC informs that in compliance with the agreement SOFAZ committed $50 million to the IFC Catalyst Fund which is designed to stimulate the development of funds and projects focused on renewable energy and climate-friendly solutions. This follows an investment by SOFAZ in 2010 of $100 million in the IFC African, Latin American, and Caribbean Fund. Azerbaijan was the first investor from an emerging market to invest in funds managed by the IFC Asset Management Company.
“Azerbaijan attaches great importance to the global development agenda. That is the reason that we invest the funds generated through oil revenues in sustainable projects. We value IFC’s experience and track record of working in emerging markets and anticipate our investments delivering significant developmental impact as well as strong financial returns. We are looking at other opportunities to invest in funds managed by the IFC Asset Management Company in the near future,” SOFAZ Executive Director Shahmar Movsumov said.
IFC Executive Vice President and CEO Jin-Yong Cai said: “We value our partnership with the State Oil Fund of the Republic of Azerbaijan. Through agreements like this, IFC can increase its support to the private sector, which has the power to drive economic development and create opportunity where it is needed most.”