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Double Increase in Government Guaranteed and Non-Guaranteed Credits into Azerbaijani Economy: NBA

Business Materials 1 April 2008 15:23 (UTC +04:00)

Azerbaijan, Baku, 1 April / corr. Trend I. Khalilova/ According to balance of payments released by National Bank of Azerbaijan (NBA), the specific gravity of direct government guaranteed and non-guaranteed credits, deposits and investments put into the private sector totaled to 36.9% of the total volume of foreign investments in 2007, said NBA. Their total volume made up $2,436,700 which is double the figure for 2006.

These credits are basically aimed at financing the projects by Azerenerji, the re-construction of the irrigation system, Silk Way and agriculture. Some $1.136.700mln of the volume accounts for the non-guaranteed credits.

Some $460.4mln of them accounts for the credit of international finance organizations within the oil and gas contracts. Some $300mln was granted by the consortium of 15 foreign banks to finance the projects of SOCAR in Georgia.

The correspondent can be contacted at: [email protected]

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