EBRD announces priorities for lending in Azerbaijan

Azerbaijan, Baku, April 4 /Trend A.Hasanov/

The European Bank for Reconstruction and Development (EBRD) is interested in granting loans for the development of the construction sector, food industry in the country, the head of the representation of EBRD in Baku Neil Mckain told Trend on Wednesday.

"With regard to the transport sector, then we allocate funds for the development of regional transport infrastructure in the country, as the basic infrastructure of the country is practically developed," Mckain said.

In 2011 the Bank decided to allocate $ 750 million for the implementation of large transport project for the reconstruction of key regional highways, corridors or roads immediately bordering Georgia and Iran.

Mckain noted that negotiating to open credit lines for banks is also held.

"It is planned to expand the list of Azerbaijani banks, to which loans will be allocated" Mckain said, refusing, to clarify the names of the banks due to continuation of the negotiation process.

Mckain said the Bank is also working in the direction of allocating mortgage loans to 2 Azeri banks - Unibank and Muganbank. EBRD works with nine banks, six microfinance institutions and three non-bank credit institutions of the country. The Bank has implemented 70 projects in the financial sector.

The current EBRD portfolio in Azerbaijan amounted to $608 million. The total volume of credits issued by the Bank in 2011 amounted to $ 34 million.

The bank 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 and to January 1, 2012.

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).

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.

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