EBRD cuts project financing in Azerbaijan
Baku, Azerbaijan, Jan. 31
By Azad Hasanli - Trend:
In 2018, the European Bank for Reconstruction and Development (EBRD) allocated 304 million euros for projects in Azerbaijan, Trend reports referring to the bank.
The volume of loans decreased by 50 percent in 2018, compared to 2017. In 2018, the bank financed five projects (nine projects in 2017).
At the end of 2018, the current portfolio of the bank was estimated at 1.4 billion euros. The bank has 45 active projects in the country.
Half of the funds (706 million euros) were allocated to energy projects, 42 percent (599 million euros) to infrastructure projects. In a much lesser amount, the bank finances projects in industry, commerce and agriculture (4.7 percent or 66 million euros) and finance (3.1 percent or 44 million euros).
Azerbaijan has been cooperating with EBRD since 1992.
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