Volume of investments in fixed assets exceeds 8B manats

17 August 2017 16:58 (UTC+04:00)

By Sara Israfilbayova

The total volume of investments into the fixed assets from all financial sources for the development of economic and social spheres in Azerbaijan amounted to 8.73 billion manats ($5.13 billion) for January-July, which is 0.3 percent less than the same period of 2016.

About 39.5 percent out of total investments fell on domestic investment, the State Statistics Committee reported.

The volume of direct investment in construction of production facilities amounted to 79.2 percent, non-production facilities-15.6 percent, in housing construction-5.2 percent.

Of the total amount invested in fixed assets, 6.25 billion manats ($3.67 billion) - 72.8 percent were financed by enterprises and organizations, 924.1 million manats ($543.3 million), or 10.6 percent-by bank loans, 999.5 million manats ($587.7 million), or 11.5 percent- by budgetary funds, 387.1 million manats ($227.6 million), or 4.4 percent-by personal funds of the population, and 47.6 million manats ($27.99 million)-by other funds.

About 3.33 billion manats ($1.96 billion), or 38.1 percent were invested in the non-oil sector, 5.4 billion manats ($3.2 billion), or 61.9 percent-in the oil sector.

President Ilham Aliyev signed a decree in late 2016 endorsing “Strategic Road Maps for the National Economy and Main Economic Sectors”, which outlined the short-, medium- and long-term goals for the development of the economy and eleven key sectors. 

The document comprises consolidated measures aimed at minimization of negative impacts of the global economic slowdown. It will allow to create a new development model basing on short-term (until 2020), medium-term (until 2025) and long-term measures (post 2025) to be implemented in different spheres of economy.

The strategic road maps up to 2025 and beyond cover almost all sectors of the economy, including, development of the oil and gas industry, the manufacture and processing of agricultural products, the manufacture of small and medium entrepreneurship-level consumer goods, development of heavy industry and machinery, tourism, logistics and trade, vocational education and training, financial services, communication and information technologies and utilities.

Proper and timely implementation of measures envisaged in the documents is planned to require some 27 billion manats ($15.87 billion), while the sum will be provided through the state and private sources.

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