BAKU, Azerbaijan, January 12. International Bank of Azerbaijan (IBA) issued business loans in the amount of more than 1.4 billion manat ($823.5 million) in 2022, Trend reports via the bank.
According to the bank, this rate increased by 69 percent, or 970 million manat ($570 million) compared to 2021.
"The share of the private sector accounted for 98 percent of total loans, and the share of the non-oil sector was 99.4 percent of total loans. This includes fields of construction, trade, food production, and communication," said the bank.
The value of the issued loans in the capital and regions of Azerbaijan increased by 20.83 percent or 3.3 billion manat ($1.9 billion) as of December 1, 2022, compared to the same period in 2021 (from 16.2 billion manat or $9.5 billion to 19.6 billion manat or $11.5 billion). During the mentioned period, loans worth 15.1 billion manat ($8.8 billion) were issued in Baku, which is 3.34 times higher than the figure for the regions. The average annual interest rate on loans in the country was 12.21 percent, and in Baku - 10.57 percent.