Azeri central bank allots loan to support aluminum industry
The Central Bank of Azerbaijan (CBA) has allocated the second
direct loan in its history to the aluminum producer Azeraluminium,
CBA First Deputy Board Chairman Alim Guliyev said Thursday.
The first loan, worth 750 million manats ($937 million) had been allocated to the State Oil Company of the Azerbaijan Republic (SOCAR) for seven years under the interest rate of two percent per year.
The CBA has allocated 202m manats for an aluminum plant, with 141m manats of the amount already allotted as the first tranche, Guliyev said.
According to him, the loan was disbursed with an interest rate of three percent per annum under a state guarantee for 10 years. The funds will be used by the company to implement its obligations to banks and foreign partners, and for measures to develop the domestic aluminum industry.
The CBA is not considering the allocation of the third such financing facility at this point, but it is possible that this practice of lending for strategically important projects will continue in the future, Guliyev said.*
The first loan, worth 750 million manats ($937 million) had been allocated to the State Oil Company of the Azerbaijan Republic (SOCAR) for seven years under the interest rate of two percent per year.
The CBA has allocated 202m manats for an aluminum plant, with 141m manats of the amount already allotted as the first tranche, Guliyev said.
According to him, the loan was disbursed with an interest rate of three percent per annum under a state guarantee for 10 years. The funds will be used by the company to implement its obligations to banks and foreign partners, and for measures to develop the domestic aluminum industry.
The CBA is not considering the allocation of the third such financing facility at this point, but it is possible that this practice of lending for strategically important projects will continue in the future, Guliyev said.*
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
Subscribe
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!