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Sovereign Wealth Funds Briefing - Categorized | Investment

BSTDB ready to raise funds from Azerbaijan’s Oil Fund

Posted on 21 June 2013

The Black Sea Trade and Development Bank (its annual meeting in Baku will be held on 21-23 June) announced plans to raise funds from the State Oil Fund of Azerbaijan (SOFAZ). BSTDB president Andrey Kondakov has stated that the Bank already held talks with SOFAZ about attracting funds from it.
“However, the SOFAZ investment guidelines have a number of limitations. For example, it cannot transfer finances to organizations with a rating lower than AA, and BSTDB’s rating is still at A, which is not bad, but is not enough to raise money from SOFAZ,” Kondakov said. Earlier Azerbaijan’s Oil Fund invested $350 million in funds formed by the International Finance Corporation (IFC)………………………………………..Full Article: Source


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