SOCAR has attracted additional credit in the amount of AZN 100 million for works on gasification of the republic, the Vice President on Economic Issues, Suleyman Gasimov, said.
‘We had planned to attract 198 million manats from the International Bank of Azerbaijan (IBA). As a result, we attracted AZN 100 million and the issue of the rest of the amount is still open; it all depends on the capabilities of Azerbaijani banks,’ said Gasimov.
The Vice President did not rule out involvement of the remaining funds in 2017.
Previously, for the gasification of Azerbaijan SOCAR obtained a loan from the Central Bank of Azerbaijan in the amount of AZN 472 million for 10 years, which has been fully mastered. -12D-
Economics
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Azerbaijan's Consumer Price Index (CPI) in December 2024 marked a year-on-year increase of 4.9%, with food and beverage inflation leading the surge, according to data from the State Statistics Committee. The overall CPI stood at 104.9%, driven by a 5.5% rise in food products, beverages, and tobacco, 2.4% in non-food products, and a sharp 6.3% hike in paid services provided to the population.
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In 2024, Azerbaijan produced 29.1 million tonnes of oil together with condensate, down from 30.2 million tonnes in 2023, according to preliminary information published by the country’s Ministry of Energy.
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Azerbaijan’s inflation rate in 2024 remained relatively stable, averaging 2.2% for the year, according to data from the State Statistics Committee. While this marks a period of subdued price growth compared to global trends, the numbers reveal nuanced dynamics across sectors and reflect both domestic policy measures and external influences.
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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