Azerbaijan Continues Paying Off Liabilities of State-owned Enterprises for Privatization

Business Materials 12 February 2008 17:23 (UTC +04:00)

Azerbaijan, Baku, 12 February / Trend corr I. Khalilova / The Azerbaijani Government is continuing arrangements intended for paying off liabilities (those accumulated by 1 November 2003) of enterprises being privatized in order to make them attractive investments, the Deputy Chair of the State Committee for State Property Management Rustam Shahbazov said on 12 February.

The total debts comprise AZN 402mln. The debtors are State-owned banks, funds, and enterprises.

According to Shahbazov, from a technological standpoint most of the enterprises are out-of-date; therefore, they were put up for privatization in order to attract investment for restoration of their operation and production of export-targeted products.

"For this purpose, the liabilities of the enterprises should be paid off," he said.

There are plans to put for privatization 170-180 joint-stock companies in 2008. Privatization will be held through investment competition and check auctions.

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