Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) received on September 11, 2006 Daniel Stein, NIS regional director for the US Trade and Development Agency (TDA).

Outcome of phase I of the Institutional Capacity Building Project, which was implemented by Overture Financial Services and financed by TDA according to the grant agreement, signed on May 19, 2004 between SOFAZ and this US agency was discussed at the meeting. The parts had a preliminary agreement on futher grant for implementation of phase II of the project.

Mr. Movsumov underlined that phase I was productive for SOFAZ. Mr. Stein assessed the implementation of the project as one of the bests that TDA financed in Azerbaijan.

The planned scope of phase II of the project to be implemented by Overture Financial Services includes assistance with selection and implementation of the ledger accounting system, portfolio management/accounting system, portfolio performance engine, manager of manager overlay module and risk management solution.