Azerbaijan, Turkey agree upon rapid settlement of Nakhchivan's debts to Eximbank
Azerbaijan and Turkey agreed upon rapid settlement of debts of Nakhchivan Autonomous Republic to Turkey, which has formed in 1994. The Azerbaijani Ministry of Finances told Trend the issue was discussed at a meeting of the Azerbaijani-Turkish intergovernmental commission. A $20m debt has formed as a result of purchase of grains for NAR which in the blockade.
Turkey is also ready to go to restructuring Azerbaijans another debt to Eximbank and offers to discuss the terms of the repayment.
The Azerbaijani government has set up repayment of another debt this year.
Azerbaijan spent only $74m of the total $250m. On the base of the protocol signed the credit was restructured and $74m will be repaid till 2010. Azerbaijan will not pay interests for part of credit ($48m), while for the rest part ($26m) it is to repay rate for 2% a year. The Finances Minister has stated repayment o interests since 2005.
Credit funds of Eximbank were used in different directions, including the purchase of grains, medicine.