Azerbaijan, Baku, September 27 / Trend N. Ismayilova /
The African, Latin American and Caribbean Fund (ALAC) established under the International Finance Corporation (IFC) has invested $66 million in the first three transactions, the IFC's annual report Where Innovation Meets Impact said.
ALAC was formed in April 2010. The total investment commitments of the fund hit $950 million, including the funds of the State Oil Fund of Azerbaijan, PGGM, the manager of the Dutch pension fund, Korea Investment Corporation and the Foundation of Saudi Arabia.
"The Fund together with IFC will invest in a number of sectors in Africa, Latin America and the Caribbean basin. Its purpose is to create a diversified portfolio by geography and industry, which corresponds to the long-term impact on these markets, " the report said.
The State Oil Fund of Azerbaijan was established in 1999. Its assets exceed $19 billion.