About 49% of foreign funds used for transport sector in Azerbaijan
Baku, Azerbaijan, May 22
By Anvar Mammadov – Trend:
About 49 percent of funds of international financial institutions, aimed at financing projects in Azerbaijan in 2016, accounted for projects implemented in the transport sphere, says a report of the country’s Chamber of Accounts, presented to the parliament for discussions.
According to the report, international financial institutions spent $4.61 billion for implementation of 14 projects in the sphere of transportation.
Meanwhile, $1.91 billion were used to finance 11 projects related to water supply and sewerage, $1.61 billion for five projects in the energy sector, $345.4 million for five projects in the agricultural sector, $976.3 million to finance eight projects in other spheres.
In total, international financial institutions spent nearly $9.46 billion to finance 43 projects in Azerbaijan in 2016.
The analysis of reports on use of international financial institutions’ loans, given under state guarantee, shows that a major part of funds allocated in 2016 (32.6 percent or $3.08 billion) accounted for commercial banks. They financed 10 projects in Azerbaijan in the period.
The World Bank (WB) allocated $2.17 billion for implementation of 11 projects in Azerbaijan, the Asian Development Bank (ADB) – $2.22 billion for 10 projects, the European Bank for Reconstruction and Development (EBRD) – $750 million for one project, Japan International Cooperation Agency (JICA) – $546.1 million for two projects, the Islamic Development Bank (IDB) – $411.3 million for four projects, KfW Bank (Germany) – $205.6 million for three projects, the Saudi Fund for Development (SFD) – $60 million for two projects, and the International Fund for Agricultural Development (IFAD) – $19.7 million for one project.