...

Azerbaijan fully repays four loans of EBRD

Business Materials 13 March 2012 19:07 (UTC +04:00)

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

The European Bank for Reconstruction and Development (EBRD) signed a credit agreement for the nine projects in the public sector in the country totaling $1229.45 million since the beginning of cooperation with Azerbaijan to January 1, 2012.

It was stated in a government report on the results of 2011, presented to the Parliament.
Implementation of the eight projects through the EBRD loans totaling $479.45 million has been completed, the project to repair and restore roads, on which the Bank has allocated $750 million, will begin this year.

Loans of EBRD amounted to $205.8 million was returned by Jan. 1, 2012. Azerbaijan fully repaid the loans on the four projects - "Construction of Yenikend hydroelectric plant" ($53.2 million), "Modernization of the Air Navigation" ($13.7 million), "Reconstruction of Azerbaijan and the Transcaucasian railway network" ($20.2 million), "Improvement of water supply system of Greater Baku" ($22.7 million).

In addition, the Bank has allocated 117 grants with total worth of 25.131 million euros ($34.431 million) to Azerbaijan during the 1992-2011. Implementation of 87 grant projects worth 22.131 million euros ($29.523 million) has already been completed, 30 projects for the implementation of which the bank has allocated grants totaling 3.678 million euros ($4,908,000), still in progress.

The current portfolio of the Bank in Azerbaijan is 579.1 million euros. Forty four percent of investments were directed into the energy sector of Azerbaijan, 23 percent - the corporate sector. Seventy projects have been implemented in the financial sector.

The Bank is collaborating with nine banks, six microfinance institutions and three non-bank credit institutions of the country.

EBRD is a financial institution, which funds are used for the establishment of democracy and market economies in 30 countries in Central Europe and Central Asia. It is owned by 61 countries and two international organizations.

Latest

Latest