Government Starts to Implement Three New International Projects

In 2015, the government began to implement three new international projects, which are provided under the state guarantee.

According to the Ministry of Economy, in 2015 implementation of 41 projects funded by 14 international financial institutions continued. The total amount of these loans was $ 7 billion 620 million. The Ministry of Economy does not provide detailed information on the loan agreements signed on behalf of the government.

The main part (55.5%) of these loans is used for 12 transportation projects. The reconstruction of water supply and sewerage system (11 projects) accounts for 25.5% of the loans borrowed by the state.

With the use of international credits four energy projects (10.5% of total loans) and 5 agricultural projects (4.5%) are implemented, etc. The donors are the World Bank (8 projects; 19.3% of the funds), EBRD (1 project; 9.8%), JICA (2 projects; 7.6%), Islamic Development Bank (4 projects; 5.4%), KfW Bank (4 projects; 2.7%), and others.

In 2015, the implementation of four international projects completed.

State guarantees for international loans are provided by the orders of the Cabinet of Ministers. Since the end of 2012, the government did not disclose these documents to the public. This happened immediately after there appeared evidence of how the state budget funds are spent outside the country for the propaganda activities of Heydar Aliyev Foundation in Mexico and the countries of South-Eastern Europe. ---08B