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)

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