Azerbaijani banking sector draws foreign loans worth $527.4 million
Azerbaijan, Baku, June 17 / Trend N. Ismayilova /
According to the Balance of Payments published by the Central Bank of Azerbaijan (CBA), in the first quarter of 2010 the share of direct state loans taken in private sector of credit and loans, deposits and other investments amounted to 62,2 percent of total foreign investment. Their total volume was $1,161,6 million, which 3,6 times more than in the first quarter of 2009.
During the reporting period the loans worth 13,3 percent ($154.7 million) have been drawn under state guarantee.
The volume of unsecured loans amounted to $732.9 million. About $527.4 million account for the proportion of banks, $123 million in oil and gas sector and $82.5 million to other business and companies.
Total volume of foreign direct investment amounted to $704.7 million. These funds are used to finance projects of SOCAR, which are now being implemented in Georgia and Turkey.
The volume of direct foreign investment attracted by non-oil sector reached $108.3 million, accounting for 15.4 percent of total investment.