The U.S. Trade and Development Agency (USTDA) and the State Oil Fund of the Republic of Azerbaijan (SOFAZ) signed on February 7, 2007 the grant agreement US $855,075 on USTDA funding "the cost of goods and services required for technical assistance on Phase II of the Institutional Capacity Building for SOFAZ project". The signing of the grant agreement by Shahmar Movsumov, SOFAZ Executive Director and Daniel Stein, USTDA Director for Europe took place within the US-Azerbaijan Economic Partnership Commission's first meeting in Baku.

Signing the agreement USTDA approved the selection by SOFAZ of Overture Financial Services, LLC as the company to perform the technical assistance on phase 2 of the project on institutional capacity building for SOFAZ.

The scope of phase II includes assistance with selection and implementation of the ledger accounting system, portfolio management/accounting system, and portfolio performance engine and risk management solution.

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 completed in August, 2006.