SOFAZ begins investing in IFC infrastructure fund
Baku, April 1(AZERTAC). 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.
The State Oil Fund of Azerbaijan, a sovereign wealth fund, was established in December 1999 by the Presidential Decree as an extra-budgetary entity which accumulates and manages oil and gas revenues of the country. Its primary objectives are to help maintain macroeconomic stability in the country and to generate wealth for present and future generations. As of 1 January, 2013, assets of SOFAZ totaled USD 34129.4 mln.
Other news in this section
