Baku to host International Forum of Sovereign Wealth Funds meeting in 2028

A delegation led by Israfil Mammadov, Executive Director of the State Oil Fund of Azerbaijan (SOFAZ), attended the 18th Annual Meeting of the International Forum of Sovereign Wealth Funds (IFSWF), held in Athens, Greece, on November 11–13.

Report informs, citing the Fund, that the event was organised with the support of the Hellenic Growth Fund and focused on the theme "Sovereign Capital Amid Geopolitical Tensions". Participants discussed the impact of geopolitical uncertainty and technological advances on the operations of sovereign wealth funds.

On the first day, SOFAZ representatives attended an IFSWF Board meeting, where they reviewed the Forum's work programme for the coming year, as well as membership and governance matters.

Israfil Mammadov spoke at a panel session dedicated to geopolitical challenges. He discussed the balance between transfers to the state budget and preserving national wealth for future generations, as well as the Fund's investment strategy amid global uncertainty. He identified portfolio diversification, clearly defined investment objectives and strategic partnerships as key factors underpinning financial resilience. He also highlighted the need to account for long-term risks when assessing investments in artificial intelligence infrastructure.

Following a vote, it was decided that the next IFSWF Annual Meeting would be held in Baku in 2028, with the support of SOFAZ. The Fund is one of the organisation's founding members. The meeting will coincide with the 20th anniversary of the adoption of the Santiago Principles and is expected to promote cooperation and knowledge-sharing among sovereign wealth funds.

During their visit to Athens, the SOFAZ delegation also held meetings with Zhang Qingsong, Chairman of the Board of the China Investment Corporation (CIC); Oki Ramadhana, Chief Executive Officer of the Indonesia Investment Authority (INA); Dan Katz, First Deputy Managing Director of the International Monetary Fund (IMF); and Yannis Papachristou, CEO of the Hellenic Growth Fund.

The IFSWF was established in 2009 to foster cooperation among sovereign wealth funds, facilitate the exchange of experience and promote best practices in governance and investment. Its activities are guided by the 24 voluntary Santiago Principles, which aim to ensure transparency, accountability, sound governance and a prudent approach to investment activities.