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A delegation led by Israfil Mammadov, Chief Executive Officer of the State Oil Fund of the Republic of Azerbaijan (SOFAZ), participated in the 18th Annual Meeting of the International Forum of Sovereign Wealth Funds (IFSWF), held on 11–13 November 2026 in Athens, Greece.
Hosted by the Hellenic Growth Fund under the theme "Sovereign Capital in a Contested World", the meeting brought together leaders of sovereign wealth funds, international financial institutions and investment professionals to discuss the evolving role of sovereign capital amid geopolitical uncertainty and technological transformation.
On the opening day of the Annual Meeting, SOFAZ took part in the IFSWF Board meeting, which addressed the Forum's priorities and work programme for the coming year, alongside key membership and governance matters.
During the high-level panel discussion "Sovereign Capital in a Contested World: a C-Suite Conversation", SOFAZ CEO Israfil Mammadov joined the heads of Greece’s Hellenic Growth Fund, Canada’s Alberta Heritage Fund, Spain’s COFIDES and the Nigeria Sovereign Investment Authority. Mr Mammadov set out how SOFAZ balances its support for the state budget with preserving wealth for future generations, and how the Fund adapts its investment approach to a more uncertain global environment. He highlighted the importance of clear objectives for each part of the portfolio, diversification and strategic partnerships in strengthening financial resilience, as well as the need to assess long-term risks in AI-related infrastructure investments.
Rashad Rzayev, Head of Alternatives Risk Management at SOFAZ, participated in the panel discussion "The Resilience Playbook: Governing Through Disruption". Presenting SOFAZ's case study, he explained how the Fund decides how much of its portfolio to keep liquid and how much to invest for long-term growth. He also emphasised the importance of sound governance, prudent compliance practices and trusted long-term partnerships in strengthening institutional resilience, safeguarding the Fund's interests and maintaining access to global investment markets.
During the Annual Meeting, IFSWF members elected SOFAZ to host the 2028 IFSWF Annual Meeting in Baku. As a founding member of the IFSWF, SOFAZ has played an active role in the Forum since its establishment. The 2028 meeting, which coincides with the twentieth anniversary of the Santiago Principles, will provide an opportunity for Azerbaijan to facilitate international dialogue on sovereign investment and long-term capital management.
As part of the visit to Athens, the SOFAZ delegation held bilateral meetings with Zhang Qingsong, Chairman of China Investment Corporation (CIC); Oki Ramadhana, Chief Executive Officer of Indonesia Investment Authority (INA); Dan Katz, First Deputy Managing Director of the International Monetary Fund (IMF); and Yannis Papachristou, Chief Executive Officer of the Hellenic Growth Fund. Discussions with CIC and INA focused on advancing cooperation through the China-ASEAN Investment Program and the China-ASEAN Joint Investment Council, as well as exploring new investment and co-investment opportunities in Asian markets. The meeting with the IMF addressed evolving approaches to sovereign wealth fund governance, the continued relevance of the Santiago Principles and opportunities for knowledge-sharing. Discussions with the Hellenic Growth Fund focused on strengthening cooperation and exploring new investment opportunities.
Established in 2009, IFSWF is a global network dedicated to fostering cooperation, knowledge-sharing and best practices in sovereign wealth fund governance. Its work is guided by the Santiago Principles, a set of 24 voluntarily adopted principles promoting transparency, accountability, sound governance and prudent investment practices.
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