Finance

Finance

Baku will host inaugural meeting of International Forum of SWFs

07 April 2009 09:15 (UTC +04:00)

Baku. Vugar Israfilov â€“ APA-Economics. The International Working Group (IWG) of Sovereign Wealth Funds (SWFs) on Monday announced the establishment of the International Forum of SWFs in a bid to boost coordination, said State Oil Fund of the Republic of Azerbaijan (SOFAZ).

Azerbaijan was represented at the meeting by a delegation led to Kuwait by Shahmar Movsumov, the Executive Director of SOFAZ.

The IWG, founded last May by 26 SWFs, issued the Kuwait Declaration and announced the creation of the International Forum at the end of a two-day meeting.
The forum, a voluntary group of SWFs which will be open to any SWFs for membership, will meet at least once a year to exchange views on issues of common interest and facilitate the understanding of the Generally Accepted Principles and Practices of SWFsâ€™ activities.
David Murray, chairman of Australiaâ€™s Future Fund Board of Guardians, was elected by the IWG members to chair the forum.
The inaugural meeting of the forum will be hosted by the Government of Azerbaijan and SOFAZ in October.