Azerbaijan’s Ministry of Economic Development Offers Country’s Banking System to Unite in Participation of Large-scale Projects
Azerbaijan, Baku /corr. Trend I.Khalilova / The Ministry of Economic Development of Azerbaijan offered the banking system in the Country to unite in the participation of realizing large-scale projects in the Country, said the Deputy Minister of Economic Development of Azerbaijan, Niyazi Safarov.
According to him, large banks of Azerbaijan may act as consortiums to finance projects in Azerbaijan.
"A new stage has already commenced in the development of the banking sector of Azerbaijan and their joint participation in the large-scale projects may become the first stage in this direction. Currently the Government of the Country borrows money from foreign banks for the realization of large-scale projects, but the local banks are already capable of acting as a consortium," he said.
Azerbaijan is becoming a leading countryin the region and in this case, the role of the banks is very significant. In the near future, the Ministry will take measures which envisage the co-operation of the State and business.
The Deputy Minister is currently in talks on the subject. According to him, at present the level of the private sector is also insufficient. The specific weight of the private sector equals 80%.