Azerbaijan to borrow $5 billion for major infrastructure projects

29 May 2024 CW Team

Azerbaijan is considering borrowing $5 billion from international credit institutions in the upcoming years to fund significant infrastructure ventures, including projects in territories acquired during a rapid military campaign in September, as revealed by the finance minister in an interview with Reuters.

Following a lightning military offensive, Azerbaijani forces successfully regained control of the mountainous region of Nagorno-Karabakh, previously under the de facto independence of ethnic Armenians for decades. This shift prompted a mass exodus of at least 100,000 ethnic Armenians. Finance Minister Samir Sharifov highlighted the pivotal task of reconstruction and restoration in the newly acquired territories, emphasising its potential to stimulate economic growth in the country.

While peace talks between Baku and Yerevan persist, negotiations primarily focus on delineating their 1,000 km border, which remains sealed and heavily militarised. Sharifov mentioned that the potential financing of numerous substantial projects within the transportation infrastructure sector through the attraction of borrowed resources.

The envisioned borrowing amounts to an additional $5 billion, with Azerbaijan's current public debt standing at $6.1 billion at the beginning of 2024. Sharifov outlined plans to repay $1.4 billion of this debt by year-end, with intentions to ultimately elevate the public debt to $10 billion.

Emphasising project financing over Eurobonds issuance, Sharifov identified potential funding sources, including the World Bank, the European Bank for Reconstruction and Development, the Asian Infrastructure Investment Bank, and the Islamic Development Bank. He anticipates the financing to be disbursed over a four to five-year period. (ET Infra)

Infrastructure Energy

09 Mar 2026

BMW Industries partners with IOCL for PNG supply at Bokaro plant

BMW Industries has entered into a strategic partnership with Indian Oil Corporation (IOCL) for the supply of Piped Natural Gas (PNG), reinforcing its commitment to adopting cleaner and more efficient energy sources for its operations.The agreement was signed at the Eastern Region Pipelines (ERPL) headquarters in Kolkata. The partnership is expected to support the company’s upcoming manufacturing facility in Bokaro by facilitating the use of natural gas as a primary energy source.According to the company, the adoption of PNG will help enhance operational efficiency while also contributing to ..

Bombay Realty Secures RERA for Three ICC Tower in South Mumbai

Bombay Realty, the real estate arm of Bombay Dyeing and part of the Wadia Group, has received Real Estate Regulatory Authority (RERA) certification for Three ICC – Wing A, the latest luxury residential tower at Island City Center in Mumbai’s Dadar.The RERA registration marks a key milestone in the development timeline and reinforces the company’s focus on regulatory transparency, timely project delivery, and high construction standards.Following the success of One ICC and Two ICC, the upcoming Three ICC tower represents the next phase of the Island City Center development. The project ai..

Flender launches India’s largest wind gearbox test rig in Walajabad

Flender has inaugurated a 13.5 MW wind turbine gearbox test rig at its Walajabad facility near Chennai, marking the largest installation of its kind in India. The new facility is expected to strengthen the company’s manufacturing and testing capabilities while supporting the growing demands of the wind power sector in both domestic and global markets.The test rig was inaugurated on March 5 in the presence of Andreas Evertz, Group CEO, Flender; Lars Wiegemann, Vice President Wind Gears, Flender; and Vinod Shetty, CEO, Flender India, along with key industry customers and stakeholders.The insta..