Azerbaijan uses almost 42% of KfW loans
Baku, Azerbaijan, March 12
By Abbas Akhundov - Trend:
Over a period starting from the onset of Azerbaijan's cooperation with German Development Bank (KfW) till January 1, 2014, the country and the bank have signed 13 loan agreements worth 230.3 million euros, according to Azerbaijani government's report on 2013, submitted to the country's parliament.
The loans were involved in 10 projects; realization of six of them has already been completed.
As of January 1, 2014 there have been used 96.7 million euros, or nearly 42 percent of total funds provided by the KfW.
As of January 1, 2014 Azerbaijan has repaid 22.1 million of the main debt.
Azerbaijan's cooperation with KfW began in 1994. The strategic directions of the activity include restoration of energy, water and other infrastructures in order to support the development of the financial and banking sectors, the private sector, healthcare systems, etc.
Translated by E.A.