Finance

Finance

Azerbaijan borrowed $1.230 mln from EBRD up to now

02 April 2012 08:58 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. Azerbaijan and European Bank for Reconstruction and Development have signed 9 loan agreements in amount of $1,229.45 mln since they started to cooperate, said the Report of Azerbaijani government for 2011.

Report says the loans aimed to finance 9 projects and 8 of them in amount of $ 479.45 mln were financed. 1 project in amount of $750 mln will start in 2012: â€œEBRD allocated $750 mln for the project â€œRepair and reconstruction of motor roads in Azerbaijanâ€ with the same tranches in LIBOR+1% rate for 3 yearsâ€.

As of January 1, 2012, $476.3 mln of otal loans allocated by EBRD were used. $205.8 mln were repaid.

4 credits borrowed on the projects on â€œconstruction of Yenikend WPSâ€ ($53.2 mln), â€œModernization of air navigation systemâ€ ($ 13.7 mln), â€œReconstruction of Azerbaijan-Transcaucasia railway networkâ€ ($ 20.2 mln) and â€œImprovement of water supply system of Great Bakuâ€ ($22.7 mln) were repaid.

Besides, EBRD allocated 117 grants in amount of â‚¬ 25.811 mln ($ 34.341 mln) to Azerbaijan in 1992-2011 and these grants were directed to finance, industry, trade and agrobusiness, energy and infrastructure spheres. 87 grant projects in amount of â‚¬ 22.131 mln ($ 29.523 mln) were implemented, 30 grant projects in amount of â‚¬ 3.678 mln ($ 4.908 mln) are being implemented.

Note that, Azerbaijan has been in cooperation with EBRD since 1992.