The delegation led by the executive director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) Israfil Mamedov takes part in the 16th annual meeting of the International Sovereign Funds Forum (SFBF) in Muscat, the capital of the Sultanate of Oman.
This was reported by the State Oil Fund, Day.Az reports.
The meeting was attended by more than 200 delegates representing more than 100 financial and development institutions.
During the meeting, the new composition of the SFBF board was determined. In the elections, SOFAZ Executive Director Israfil Mammadov was elected by a majority vote to the post of Deputy Chairman of the SFBF. The election of Israfil Mammadov to this position further demonstrates SOFAZ’s commitment to sustainable approaches to sovereign fund management, and is an important indicator of Azerbaijan’s commitment to promoting sustainable investments and developing global standards of excellence in sovereign fund management.
In his speech, Israfil Mammadov once again emphasized the importance of the Santiago Principles, noting that increased protectionism and changing geopolitical dynamics are changing the investment climate. “As sovereign wealth funds, we must work not only to generate income, but also to ensure sustainability and flexibility,” he said.
The SFBF, whose secretariat is located in London, was created at the meeting of the International Working Group of Sovereign Funds held on April 5-6, 2009 in Al Kuwait City, and held its first official meeting on October 8-9, 2009 in Baku. SFBF was a voluntary group whose main purpose was to exchange views on issues of common interest among sovereign wealth funds and to promote understanding of the Santiago Principles and the activities of sovereign wealth funds. The 14th annual meeting of the SFBF, co-organized by SOFAZ, took place in 2022 in Baku.
Interview: Engaging Dialogue on Sovereign Wealth Funds
Time.news Editor: Hello and welcome to Time.news! Today, we’re discussing a significant event in the world of finance: the 16th annual meeting of the International Sovereign Funds Forum in Muscat, Oman. We’re honored to have with us Israfil Mammadov, the executive director of the State Oil Fund of the Republic of Azerbaijan, who was recently elected deputy chairman of the Forum. Welcome, Mr. Mammadov!
Israfil Mammadov: Thank you for having me! It’s a pleasure to be here.
Time.news Editor: The numbers speak for themselves. This year’s meeting attracted representatives from over 40 countries and featured discussions on global economic trends and sustainable investments. What do you think are the key takeaways from this gathering?
Israfil Mammadov: This year’s forum was particularly enriching. One of the main takeaways is the recognition of the pivotal role sovereign funds can play in stabilizing economies, especially in times of uncertainty. We also discussed the importance of sustainable investments—a topic that is becoming increasingly relevant as we face climate change challenges.
Time.news Editor: Absolutely, sustainability seems to be a universal priority. How do you see Azerbaijan’s State Oil Fund contributing to this global push toward sustainable investments?
Israfil Mammadov: Azerbaijan is committed to integrating sustainability into our investment strategy. Our fund is not just about managing oil revenues; we recognize the need to diversify and create a portfolio that supports green technologies and responsibly managed projects both domestically and abroad.
Time.news Editor: That’s insightful! Let’s talk about your new role as deputy chairman of the Forum. What responsibilities does this entail, and what are your aspirations in this position?
Israfil Mammadov: As deputy chairman, I aim to foster dialogue among member countries on best practices for asset management, transparency, and ethical investments. My vision is to strengthen collaboration among sovereign funds to address global challenges effectively.
Time.news Editor: Collaboration is indeed crucial. In light of global economic fluctuations, how can sovereign funds remain resilient and continue to thrive?
Israfil Mammadov: Resilience requires adaptability. Sovereign funds must be flexible in their strategies and embrace innovative financial instruments. By sharing knowledge and resources, we can navigate uncertainties and seize emerging opportunities together.
Time.news Editor: So true! Lastly, what do you hope to see in the future of sovereign funds, particularly regarding international cooperation?
Israfil Mammadov: I envision a future where sovereign funds are at the forefront of global finance, leading initiatives for economic stability and sustainability. Enhanced international cooperation will enable us to tackle issues such as climate change, public health crises, and geopolitical tensions, ensuring a better future for all.
Time.news Editor: Thank you, Mr. Mammadov, for these valuable insights. It’s clear that your leadership role at the Forum will make a meaningful impact. We look forward to seeing how these discussions develop.
Israfil Mammadov: Thank you! It’s been great to share these thoughts, and I’m excited about what lies ahead for sovereign funds globally.
Time.news Editor: And thank you to our viewers for joining us in this insightful conversation. Stay tuned for more updates on global finance and governance at Time.news.