Industry and Energy

Home page

Industry and Energy

SOFAZ Executive Director meets with World Bank Regional Director for South Caucasus

27 May 2009 13:39 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) received on May 27, 2009 the delegation headed by Asad Alam, Regional Director for the South Caucasus of the World Bank.

Mr. Movsumov briefed the guests on the Fund’s activity, management of its assets. He talked about SOFAZ’s leading role in implementation of the Extractive Industries Transparency Initiative (EITI) and Azerbaijan’s representation at the international EITI Board.

Mr. A.Alam appreciated Fundâ€™s achievements in implementation of EITI and SOFAZâ€™s transparency in its activity.

The current circumstances in financial markets, World Bankâ€™s programs, future cooperation between SOFAZ and World Bank, the economic reforms, development of Azerbaijan’s non-oil sector and other issues were discussed at the meeting.