EBRD issues loan in amount of 99M euros
By Sara Israfilbayova
The amount allocated to Azerbaijan by the European Bank for Reconstruction and Development (EBRD) in May increased by 99 million euros or 3.23 percent and as of June 1, 2018 equaled to 3.169 billion euros.
The share of the private sector in the structure of lending decreased by 1 percent to 25 percent, the number of projects financed by the bank in Azerbaijan has not changed, remaining in the amount of 165.
In this period, Azerbaijan’s payments to the bank increased by 81 million euros or 3.57 percent, to 2.351 billion euros, operating assets of EBRD in Azerbaijan increased by 6 million euros or 0.61 percent, to 992 million euros.
The current portfolio of the bank for projects financed in the country increased by 15 million euros or 1.05 percent, to 1.444 billion euros.
Share fraction in the bank’s portfolio in Azerbaijan has remained at the level of 2 percent since October last year.
In EBRD’s current portfolio 50.14 percent or 724 million euros accounts for energy, 41.76 percent or 603 million euros for infrastructure, 4.92 percent or 71 million euros for industry, commerce and agribusiness, 3.19 percent, or 46 million euros - financial institutions.
The EBRD is an international financial institution founded in 1991. As a multilateral developmental investment bank, the EBRD uses investment as a tool to build market economies.
The Bank was established to support countries of the former Eastern Bloc in the process of establishing their private sectors. To that end, it offers “project financing” for banks, industries and businesses, for new ventures or existing companies.
The EBRD has allocated more than €3 billion to Azerbaijan for implementation of 165 projects since 1992.
One of the main priorities of the EBRD in Azerbaijan for 2017 is support the local corporate with direct financing. The EBRD continues to pursue investments in energy projects, especially where there is a gap to improve efficiency and energy security.
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Sara Israfilbayova is AzerNews’ staff journalist, follow her on Twitter: @Sara_999Is
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