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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The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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