Azeri SOFAR to invest $100m in IFC fund
The State Oil Fund (SOFAR), the body that holds Azerbaijan’s
revenues from crude exports, will invest $100 million in a fund of
the International Finance Corporation (IFC), the World Bank's
investment division.
The IFC African, Latin American and Caribbean Fund will accumulate $1 billion, according to SOFAR.
The fund provides an opportunity for sovereign and pension fund investors to co-invest for the first time with IFC in growth equity investments in developing countries. The fund is part of IFC’s broader strategy to increase its commitment to Africa, Latin America, and the Caribbean and to mobilize third-party capital where it is needed most.
Shahmar Movsumov, SOFAR Executive Director, says the recent investment marks a crucial stage in implementing Azerbaijan’s long-term strategy aiming to protect and enrich the country’s natural wealth. "This is our first cooperation effort with other major independent funds and international financial institutions."
The fund will be managed by IFC Asset Management Company, a wholly owned subsidiary of IFC.
The IFC fund was established in mid-2009 by SOFAR; PGGM, the Dutch pension fund manager; Korea Investment Corporation; and a fund investor from Saudi Arabia.*
The IFC African, Latin American and Caribbean Fund will accumulate $1 billion, according to SOFAR.
The fund provides an opportunity for sovereign and pension fund investors to co-invest for the first time with IFC in growth equity investments in developing countries. The fund is part of IFC’s broader strategy to increase its commitment to Africa, Latin America, and the Caribbean and to mobilize third-party capital where it is needed most.
Shahmar Movsumov, SOFAR Executive Director, says the recent investment marks a crucial stage in implementing Azerbaijan’s long-term strategy aiming to protect and enrich the country’s natural wealth. "This is our first cooperation effort with other major independent funds and international financial institutions."
The fund will be managed by IFC Asset Management Company, a wholly owned subsidiary of IFC.
The IFC fund was established in mid-2009 by SOFAR; PGGM, the Dutch pension fund manager; Korea Investment Corporation; and a fund investor from Saudi Arabia.*
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