The Azerbaijani government started covering the debt to the Turkish EximBank. The debt existed since 1994. The first payment from the state budget had already been transferred; $7m in total have been allocated to cover the debt.
Azerbaijan used $74m from $250m of credit sources. Despite multiple agreements to restructure the unused part of credit, the exact agreement has been achieved only last year. The signed agreement restructured the unused part of credit and scheduled the final payment of $74m by 2010. Moreover, Azerbaijan will not have to pay percents from $48m of credit and the remaining part ($26m) will have only 2% on annual rate. Ministry started the percent pay outs yet in 2005 and provided $500.000 for that purpose.
EximBank credits have been used to support different sectors- grain, medicines purchase, etc.