Azerbaijan ready to attract up to $4.5 billion in external financing for large infrastructure projects - Finance Ministry

BAKU. May 23 (Interfax) - Azerbaijani Finance Minister Samir Sharifov said that the country's authorities are considering the possibility of increasing external debt to $10 billion to implement large infrastructure projects.

"Currently [as of April 1, 2024], external debt is $5.5 billion. We are studying the possibility of increasing external debt to $10 billion," the Finance Ministry said during a discussion of the "On the execution of the state budget of the Republic of Azerbaijan for 2023" bill in Parliament on Thursday.

External public debt is at a low level, and it is necessary to increase it in order to implement large infrastructure projects of national importance, Sharifov said.

"However, along with this low level, certain decisions were made and it was considered expedient to attract loans, somewhat expanding cooperation with financial lending institutions in terms of implementing certain challenges and projects facing our country."

As previously reported, Azerbaijan's external debt decreased 3% in 2023 to $6.4612 billion, or 8.9% of GDP, and $838.8 million was allocated to service external debt, the Finance Ministry said.