(August 2007) The Azerbaijan Republic is enjoying a phenomenal growth rate (34.5% in 2006) due to the foreign currency receivables flowing in from its Caspian oil pipelines. In order to put its newfound oil wealth to work for more of its citizens, the State Social Protection Fund (SSPF) of Azerbaijan Republic is planning to overhaul the social security system for pensioners and develop individually-insured funded pensions, whereby pensioners can direct the investment of their social security funds into privately managed accounts, like those proposed in the U.S. and in existence in many other countries globally. The Ministry of Finance and State Oil Fund of Azerbaijan (SOFAZ) are working with SSPF to organize these new funds. Mayflower Partners recommended that the U.S. Trade and Development Agency (USTDA) provide a grant to SSPF for $1,111,400 for the proposed technical assistance program (TA). Mayflower consulted with SSPF, U.S.-Azerbaijan Chamber of Commerce, Citigroup, Overture Financial Services and the World Bank on development of the TA.

On July 10, 2007, the Ministry of Finance mandated Citigroup and Deutsche Bank to lead Azerbaijan’s first Eurobond issue. By issuing sovereign debt in the global capital markets, Azerbaijan will be increasing the total capital available to SSPF and other government agencies for domestic government programs. Azerbaijan has one of the world's fastest growing economies, and the government expects gross domestic product to grow by 36 percent in 2007. Ratings agency Fitch upped Azerbaijan's credit rating in February 2007 to 'BB+' from 'BB', with a stable outlook, citing strong economic growth underpinned by rising oil production.

The Executive Director of SOFAZ is a member of the Board of the Extractive Industries Transparency Initiative (EITI) launched by the British Prime-Minister Tony Blair in 2003. EITI was established to increase transparency and good governance in countries rich in oil, gas and mining resources. The EITI has won the support of over 70 global investment institutions that collectively managed over US$12.3 trillion as of October 2006. SOFAZ was awarded the UN Public Service Award in the category of “Improving transparency, accountability and responsiveness in the Public Service” in June 2007. SOFAZ is the first institution in Eastern Europe and the CIS countries to be awarded the UN Public Service Award.