Key Takeaways
- • SOFAZ, Azerbaijan's State Oil Fund, was selected by IFSWF members to host the organisation's 2028 Annual Meeting in Baku, following a vote at the 18th Annual Meeting in Athens on November 11–13.
- • SOFAZ Executive Director Israfil Mammadov led the delegation and identified portfolio diversification, clearly defined investment objectives and strategic partnerships as key drivers of financial resilience.
- • Mammadov flagged the need to account for long-term risks when assessing investments in artificial intelligence infrastructure.
- • The 2028 Baku meeting will coincide with the 20th anniversary of the Santiago Principles, the 24 voluntary governance and transparency guidelines for sovereign wealth funds.
- • The Athens delegation also held bilateral meetings with the CIC, INA, the IMF and the Hellenic Growth Fund.
Summary
The International Forum of Sovereign Wealth Funds (IFSWF) held its 18th Annual Meeting in Athens, Greece, on November 11–13, organised with the support of the Hellenic Growth Fund under the theme "Sovereign Capital Amid Geopolitical Tensions," according to Report.az, citing the State Oil Fund of Azerbaijan (SOFAZ). Participants discussed how geopolitical uncertainty and technological advances affect sovereign wealth fund operations.
A SOFAZ delegation led by Executive Director Israfil Mammadov attended an IFSWF Board meeting on the first day, reviewing the Forum's work programme for the coming year as well as membership and governance matters. At a panel on geopolitical challenges, Mammadov discussed balancing transfers to the state budget against preserving national wealth for future generations, and outlined the Fund's investment strategy amid global uncertainty. He cited portfolio diversification, clearly defined investment objectives and strategic partnerships as central to financial resilience, and stressed the need to account for long-term risks in artificial intelligence infrastructure investments.
Following a vote, IFSWF members decided that the next Annual Meeting will be held in Baku in 2028, with SOFAZ support. SOFAZ is one of the organisation's founding members. The meeting is expected to promote cooperation and knowledge-sharing among sovereign wealth funds and will coincide with the 20th anniversary of the Santiago Principles.
During the Athens visit, the SOFAZ delegation met Zhang Qingsong, Chairman of the Board of the China Investment Corporation; Oki Ramadhana, CEO of the Indonesia Investment Authority; Dan Katz, First Deputy Managing Director of the International Monetary Fund; and Yannis Papachristou, CEO of the Hellenic Growth Fund.
The IFSWF was established in 2009 to foster cooperation among sovereign wealth funds, exchange 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 prudent investment.
A SOFAZ delegation led by Executive Director Israfil Mammadov attended an IFSWF Board meeting on the first day, reviewing the Forum's work programme for the coming year as well as membership and governance matters. At a panel on geopolitical challenges, Mammadov discussed balancing transfers to the state budget against preserving national wealth for future generations, and outlined the Fund's investment strategy amid global uncertainty. He cited portfolio diversification, clearly defined investment objectives and strategic partnerships as central to financial resilience, and stressed the need to account for long-term risks in artificial intelligence infrastructure investments.
Following a vote, IFSWF members decided that the next Annual Meeting will be held in Baku in 2028, with SOFAZ support. SOFAZ is one of the organisation's founding members. The meeting is expected to promote cooperation and knowledge-sharing among sovereign wealth funds and will coincide with the 20th anniversary of the Santiago Principles.
During the Athens visit, the SOFAZ delegation met Zhang Qingsong, Chairman of the Board of the China Investment Corporation; Oki Ramadhana, CEO of the Indonesia Investment Authority; Dan Katz, First Deputy Managing Director of the International Monetary Fund; and Yannis Papachristou, CEO of the Hellenic Growth Fund.
The IFSWF was established in 2009 to foster cooperation among sovereign wealth funds, exchange 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 prudent investment.
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