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Sovereign Wealth Funds Gather to Discuss how to Mobilise Capital for Change in a Challenging Environment

17 Nov 2022 16:50:00

Sovereign Wealth Funds Gather to Discuss how to Mobilise Capital for Change in a Challenging Environment

17 Nov 2022 16:50:00

The International Forum of Sovereign Wealth Funds (IFSWF) is today holding its 14th annual meeting in Baku, hosted by the State Oil Fund of the Republic of Azerbaijan (SOFAZ).

The IFSWF annual meeting brings members and financial leaders together to discuss the key global issues affecting investors. The IFSWF annual meeting usually rotates between member countries. However, this year is the first time we have been able to meet in person since the 2019 meeting hosted by the Alaska Permanent Fund Corporation in Juneau due to the COVID-19 pandemic. COFIDES will host the 2023 annual meeting in Madrid, Spain. This year, IFSWF members voted for Oman Investment Authority to host the 2024 annual meeting in Muscat.

Since our last annual meeting, the IFSWF has welcomed five full members: COFIDES of Spain, the Fonds Gabonais d’Investissements Stratégiques, Abu Dhabi’s Mubadala Investment Company, the Indonesian Investment Authority (INA) and the Sovereign Fund of Egypt. In addition, we have admitted six new associate members: the Armenian National Interests Fund, Ethiopian Investment Holdings, the Fonds Souverain de Djibouti, Malta Government Investments, the Mauritius Investment Corporation, and the Natural Resource Fund of Guyana.

Entitled Mobilising Capital for Change, this year’s meeting provides a unique opportunity for our members to discuss the most significant issues of the current investment landscape. Topics addressed included rising inflation, deglobalisation, environmental, social and governance (ESG) issues, and the digitisation of the investment process and financial landscape.

Leaders of most of the world's largest sovereign wealth funds are joined by representatives of key private-sector partners of IFSWF and SOFAZ and representatives from the International Monetary Fund and the World Bank.

Israfil Mammadov, CEO of SOFAZ, said: “As the host of the inaugural IFSWF annual meeting in 2009, we are pleased to organise the 14th annual meeting in Baku. Over the past 13 years, SOFAZ have made great progress to becoming a global, multi-asset class investor supporting the dynamic and growing economy of Azerbaijan.

As long-term investors, and as member institutions of IFSWF, we stand ready and look forward to continuing our efforts in terms of playing our part in safeguarding the stability and prosperity of international markets, as well as supporting and developing our domestic economies.”

Obaid Amrane, Chair of IFSWF, said:“During the COVID-19 pandemic, the IFSWF played a significant role in helping our members exchange knowledge and collaborate on matters of shared interest even when we could not physically share a space. It has been a pleasure to bring our members together in Baku for the first time in three years to renew old friendships and make new connections with our 11 new members.”

About the International Forum of Sovereign Wealth Funds

The International Forum of Sovereign Wealth Funds (IFSWF) is a global network of sovereign wealth funds (SWFs) established in 2009 to enhance collaboration and dialogue between members, to promote a deeper understanding of SWF activity and to raise the standard for SWF best practice and governance. The Santiago Principles are central to the IFSWF. They consist of 24 generally accepted principles and practices voluntarily adopted by IFSWF members. The Principles endorse transparency, good governance, accountability and prudent investment practices.

About the State Oil Fund of the Republic of Azerbaijan

State Oil Fund of Azerbaijan Republic (SOFAZ) was established in 1999 with the purpose of preserving macroeconomic stability and accumulating and efficiently managing oil revenues via transforming depletable hydrocarbon reserves into financial assets generating perpetual income for current and future generations. SOFAZ AuM was USD 45.4 bln. at end of Q3 2022.

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