Founded in 1999, the State Oil Fund of the Republic of Azerbaijan (SOFAZ) has current assets exceeding US$60 billion, equivalent to approximately 80 percent of the country’s economy.
This was stated by the Executive Director of the Foundation, Israfil Mammadov, at the annual meeting dedicated to the 25th anniversary of the institution, Day.Az reports with reference to the Foundation.
He noted that income from managing the Fund’s funds has already exceeded 15 billion US dollars.
“These figures reflect the investment policy of the State Oil Fund, based on a successful operating model, strategic approach and risk management mechanism that meets international standards. The fund not only improves financial performance, but also plays a key role in sustainable development, supporting the interests of future generations. It invests into projects that strengthen Azerbaijan’s position in the global economic arena,” he noted.
The event was also attended by the heads of various structural divisions of the Fund, who spoke about the achievements of SOFAZ over 25 years. The presentations discussed in detail the projects, investment strategies and management principles implemented with the aim of making a sustainable and long-term contribution to the country’s economy. Speaking about prospects for the future, the speakers highlighted such priority areas as sustainable development, expanding international cooperation and active participation in global investment platforms.
It should be noted that since its creation, the State Oil Fund has played an important role in ensuring the economic sustainability of the country both through a solid foundation and through a flexible approach to management. With the support of President Ilham Aliyev, SOFAZ today successfully continues to function as one of the main economic pillars serving the interests of current and future generations.