Finance

Finance

Robert Zellick: â€œâ€Azerbaijani banks are cautious about new loans, do not attach important to co-financing and prefer collateral loansâ€

15 November 2013 09:13 (UTC +04:00)

Zellick noted that though 5 years have passed since crisis, most of countries try restoration of economy. However, Azerbaijan’s main issue is diversification of economy.

Zellick spoke abut changes in the world economy and tendencies expected for the near future. At the same time, he stated that role of developing countries, first of all China and India in the world economy and global markets increased. Moreover, he noted that share of developing countries in total demand and their global investor role strengthened.

Speaking about Azerbaijan, Zellick noted that one of the main problems here as in other CIS countries is that the institutions prefer own funds, external financing has a small share. Moreover, he also noted that banks are cautious about new loans, do not attach important to co-financing and prefer collateral loans.