Azerbaijan spends over 40% of loans of Saudi Fund for Development

Business Materials 10 March 2015 16:06 (UTC +04:00)

Baku, Azerbaijan, Mar.10

By Elyaz Shafiyev - Trend:

Azerbaijan signed five loan agreements totaling $100.4 million with the Saudi Fund for Development since the beginning of cooperation with the fund and till January 1, 2015, according to the report of the Azerbaijani government on the results of 2014, which was submitted to the parliament of the country.

Some $41.5 million, or 41.3 percent was spent of the total amount of loans allocated to Azerbaijan by Saudi Fund for Development till January 1, 2015.

In 2014, the Fund allocated a long-term loan in the amount of $35 million to Azerbaijan for the project to expand the water supply system in Khirdalan city. The respective powers to sign the loan agreement were provided by the Cabinet of Ministers of Azerbaijan on June 25, 2013.

The agreement was signed on July 3, 2014 and approved December 30, 2014.

Azerbaijan cooperates with the Saudi Fund for Development since 2003.

Saudi Fund for Development was founded in 1974 with the purpose of providing loans to finance social and economic projects of the beneficiary countries. At present, the Fund's financial assets amount to about $9 billion. The headquarters of the Saudi Fund for Development is in Riyadh.

Edited by CN