Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) received on May 27, 2009 the delegation headed by Asad Alam, Regional Director for the South Caucasus of the World Bank.

Mr. Movsumov briefed the guests on the Fund's activity, management of its assets. He talked about SOFAZ's leading role in implementation of the Extractive Industries Transparency Initiative (EITI) and Azerbaijan's representation at the international EITI Board.

Mr. A.Alam appreciated Fund's achievements in implementation of EITI and SOFAZ's transparency in its activity.

The current circumstances in financial markets, World Bank's programs, future cooperation between SOFAZ and World Bank, the economic reforms, development of Azerbaijan's non-oil sector and other issues were discussed at the meeting.