Minister: Energy Projects With International Organisations Almost Ready For Signing
(MENAFN- AzerNews)
Preliminary projects funded by the World bank and the European
Bank for Reconstruction and Development (EBRD) to enhance
Azerbaijan's energy system are nearly ready for signing, Finance
Minister Samir Sharifov stated in an interview with "Report," as
cited by Azernews .
"Implementation of these projects, in turn, will prevent the
country's energy Network from being exposed to certain negative
effects," emphasized Sharifov.
He added that the preparation of projects with international
financial institutions, their evaluation, and other related
processes are currently underway. "As a result of this activity,
relevant agreements are expected to be signed," he said.
Sharifov noted that Azerbaijan has decided to attract up to $5
billion from international financial institutions for project
financing in the medium term, adding, "Of course, this is not a
one-day thing."
The minister further highlighted that the foreign public debt
situation in Azerbaijan is quite satisfactory. "As we know, an
appropriate strategy for foreign public debt has been adopted in
Azerbaijan. According to that document, Azerbaijan should adjust
both domestic and foreign public debt to a certain ratio of the
gross domestic product (GDP). Our foreign debt has decreased
significantly. From this point of view, I think that our situation
is quite satisfactory at the moment," he remarked.
It is worth noting that on October 31, the World Bank's Board of
Directors plans to approve the Azerbaijan (AZURE) project for
expanding the use of renewable energy sources, which is worth
$294.5 million. On September 11, the EBRD Board of Directors is
expected to approve a $30 million project aimed at establishing the
flexibility of the energy system needed for integrating
Azerbaijan's renewable energy opportunities.
As of July 1 this year, Azerbaijan's foreign debt stood at $5.36
billion. Of this, 64.2% was owed to multilateral financial
institutions, 25.9% to bonds placed in the foreign market, and 9.9%
to loans from bilateral financial institutions. The debt
distribution included 25.9% in Eurobonds, 35% to the Asian
Development Bank, 16.7% to the World Bank, and 22.4% to other
creditors.
MENAFN06092024000195011045ID1108643916
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.