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Share of long-term loans for Azerbaijan's construction sector continues to rise

Finance Materials 22 February 2021 12:20
Share of long-term loans for Azerbaijan's construction sector continues to rise

BAKU, Azerbaijan, Feb. 22

By Zeyni Jafarov – Trend:

The total value of lending to the Azerbaijani construction sector as of early January 2021 made up 493 million manat ($290 million), Trend reports citing the data from the Central Bank of Azerbaijan (CBA).

According to the CBA, this figure is 15.9 million manat ($9.3 million) or 3.3 percent more compared to early 2020.

Some 289.7 million manat ($170.4 million) or 58.8 percent of the total lending accounted for the share of long-term loans, which is by 40.1 million manat ($23.6 million) or 16.1 percent more compared to early 2020. The loans in the amount of 158.8 million manat ($93.4 million) were issued in national currency while $130.9 million manat ($77 million) in foreign currency.

Short-term loans in the Azerbaijani construction sector amounted to 102.3 million manat ($60.18 million) or 20.8 percent of the total amount of loans in this sector. Some 35.4 million manat ($20.8 million) of that amount were issued in national currency while $66.9 million ($39.3 million) in foreign currency.

The loans were mainly issued to the private institutions both in national currency, amounting to 39.4 percent (194.2 million manat that’s $114.2 million) of the total lending to the construction sector, and in foreign currency - $197.8 million manat or $116.3 million (40.1 percent).

The share of lending to the construction sector in lending to the real sector amounted to 3.4 percent, and this indicator grew by 0.3 percentage points compared to the beginning of last year.

In general, the volume of lending to the Azerbaijani real sector amounted to 14.53 billion manat ($8.5 million) in 2020, showing annualized growth of 767.8 million manat ($451.6 million) or 5 percent.

(1 USD = 1.7 AZN on Feb. 22)

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