Azerbaijan signs 12 loan agreements in 2011

Azerbaijan, Baku, March 13 / Trend A. Akhundov /

Azerbaijan expands its cooperation with various international financial-credit organizations and donor countries. About 12 loan agreements worth about $1.67 billion were signed in 2011 to finance important projects for the country's economy, a governmental report as of 2011, submitted to the Parliament said.

The loans were drawn from the World Bank (four credits) to the amount of $175.4 million, the Islamic Development Bank (two) - $131.2 million, the Czech Komerční banka (one) - $318.6 million, the European Bank for Reconstruction and Development (one) - $ 750 million, U.S ExImbank and BNP Paribas New York branch (one) - $116.6 million, the French bank Sosiete Generale and Banking Corporation Sumitomo Mitsui (one) - $98 million, Abu Dhabi Fund for Development (one ) - $60.7 million, the International Fund for Agricultural Development IFAD (one) - $19.4 million.

In general, after the country gained independence by January 1, 2012, loan agreements totaling $ 10.495 billion were signed. About 5.818 billion of the total external borrowings, or 55.4 percent of the total amount of the signed loan agreements were used. About $1.254 billion of the funds allocated within the signed loan agreements were spent in 2011.

The country's state foreign debt as of January 1, 2012 reached $4.817 billion, while on January 1, 2011 it hit $3.857 billion.

The loans worth $10.136 billion were drawn to realize the investment projects on the signed agreements. About $5.461 billion were used.

The structure of the country's external debt [$4.817 billion] was distributed as follows: infrastructure projects - 41.4 percent, industry and energy sector - 36.2 percent, agriculture and land reclamation - 5.9 percent, economy and finance - 5.8 percent, development of the transport sector - 6 percent, social and cultural projects - 4.2 percent, support for other projects - 0.5 percent.

About $2.215 billion fell to concessional loans among the foreign loans used by January 1, 2012.

The country continued implementing 10 projects in road construction, seven - in the water supply and reconstruction of sewerage system, seven - social sphere, six - power engineering, five - agriculture, land reclamation and irrigation, four - financial sector, three - transport sector and ecology at the expense of foreign loans in 2011.

About $306.8 million of the main debt was returned in 2011. About $73.1 million was transferred to pay interest in connection with external debt servicing.

The share of the loans on the signed agreements allocated as of January 1, 2012 amounted to 16.4 percent of GDP, and used part of the loans representing the state debt - 7.6 percent. External debt per capita was $521.6 as of Jan. 1, 2012.

Moreover, various donor countries and international financial-credit organizations allocated grants and technical assistance worth $79.7 million over ten projects and programs to Azerbaijan in 2011.

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