BAKU, Azerbaijan, September 24. This week, the Ministry of Finance of Azerbaijan has forecasted the state budget revenues from the non-oil sector for 2023, Trend reports.
According to the draft budget for 2023, the non-oil income is projected at 14.5 billion manat ($8.5 billion).
Furthermore, it has been reported that the Central Bank of Azerbaijan expects credit easing in the third quarter of 2022.
The CBA expects growth in demand for long-term and short-term loans in the national currency, as well as forecasts a decrease in credit demand in foreign currency in the third quarter of 2022.
It has also become known that the Azerbaijan Micro-finance Association (AMFA) is currently implementing the 'Future Action Association' project financed by US Agency for International Development (USAID)
The projects will be a consortium of local and international organizations, including AMFA, Finance and Social Innovation Consulting (FSIC), and the SEEP network.
In addition, the Asian Development Bank (ADB) predicts Azerbaijan’s GDP growth at about four percent in 2022.
Moreover, it has been revealed that the current project portfolio of the Black Sea Trade and Development Bank (BSTDB) in Azerbaijan as of January 1, 2022 amounted to 49.4 million euros ($47.8 million).
Meanwhile, the BSTDB portfolio breakdown for Azerbaijan is as follows: support for financial institutions (47.42 percent), energy (34.95 percent), real estate (8.4 percent), and consumer goods (4.4 percent).
The loan portfolio of projects of the European Bank for Reconstruction and Development (EBRD) in Azerbaijan was estimated at 884 million euros ($858.7 million), as of September 1, 2022.
The majority of the portfolio (90 percent or 793 million euros ($770.35 million)) is invested in sustainable infrastructure, seven percent or 60 million euros ($58.28 million) – in industry, trade, and agriculture, while three percent or 31 million euros ($30.1 million) – in financial institutions.