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SOFAZ, Overture Financial Services sign agreement

10 February 2007 [01:53] - TODAY.AZ
SOFAZ and Overture Financial Services LLC signed Thursday a contract to implement Phase II of the US TDA-funded SOFAZ Institutional Capacity Building project.

The agreement was signed by Shahmar Movsumov, Executive Director of SOFAZ, and Samir Kabbaj, Managing Director of Overture Financial Services LLC. The signing ceremony was attended by Daniel Stein, USTDA Director for Europe, H.E. Anne Derse, the US Ambassador to Azerbaijan and others.

The U.S. Trade and Development Agency (USTDA) and the State Oil Fund of the Republic of Azerbaijan (SOFAZ) signed on February 7, 2007 during the US-Azerbaijan Economic Partnership Committee's first meeting in Baku 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 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, SOFAZ told APA.


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