The State Oil Fund of the Republic of Azerbaijan (SOFAZ) joined the International Finance Corporation (IFC) and other sovereign wealth funds and pension funds in investing in newly created IFC Global Infrastructure Fund. The IFC Global Infrastructure Fund will give investors access to the investment pipeline of IFC in equity and equity-like investments in infrastructure projects and companies in emerging markets globally.
The IFC Global Infrastructure Fund, which will be managed by a wholly owned subsidiary of IFC, IFC Asset Management Company, LLC (AMC), will participate in infrastructure investments in sectors that comprise power, transportation, utilities, telecommunications, urban infrastructure and infrastructure services companies.
The IFC Global Infrastructure Fund has raised USD 500 million at first closing, of which USD 150 million has been committed by SOFAZ. SOFAZ is planning to increase its commitment to up to USD 200 million upon the final closing. SOFAZ committed USD 100 million to the IFC African, Latin American and Caribbean Fund in 2010 and USD 50 million to IFC Catalyst Fund in 2012, each managed by AMC.
* As of 1 January, 2013, assets of SOFAZ totalled USD 34129.4 mln.—0—
Economics
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Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
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Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
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The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
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There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
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