Foreign loans increase 4.6 times on Azerbaijani banking sector
Azerbaijan, Baku, Sept.15 / Trend I. Khalilova /
The share of direct government and government-guaranteed loans, loans and borrowings attracted in the private sector, deposits and other investments comprised 61.3 percent of the total foreign investments in Azerbaijan in the first half of this year, the Central Bank of Azerbaijan (CBA) eported today. The total figure hit $2.309 billion, which is 2.3 times more than during the same period in 2009.
"The increase is due to loans attracted in the oil and gas sector and by banks," the CBA said.
Loans worth $321.5 million (13.9 percent) were attracted from international financial and other organizations under state guarantees and directly by state. This is 48.8 percent more than during the same period last year. The share of unsecured loans reached 53.4 percent ($1.233 billion). The figure was 3.5 times more than during the same period in 2009.
During the reporting period, banks attracted foreign borrowings worth $955.8 million - an increase of 4.6 times. The oil and gas sector borrowed $179.1 million without government guarantees compared to $33.8 million in the first half of last year. Other businesses and companies received loans worth $98.9 million ($107 million).
The total amount of foreign capital attracted in the economy increased 1.5 times to $3.8 billion. The figure was formed at the expense of direct investments and foreign loans.