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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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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Azerbaijan Railways (AZD) has launched rail transit shipments from Zira Port, located 45 kilometers east of Baku, strengthening the country's position as a logistics hub on the Middle Corridor.
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Azerbaijan’s state-owned electricity producer, Azerenergy, is advancing the construction of six hydroelectric power plants (HPPs) in the Kalbajar and Lachin districts as part of the country’s efforts to expand its renewable energy capacity. The plants, with a combined capacity of 37.5 megawatts (MW), are expected to be commissioned in the first half of 2025, according to the company.
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