Azerbaijan’s foreign debt amounts to 8.5% of GDP, Finance Ministry

Baku, November 17, AzerTAc Azerbaijan`s Ministry of Finance has said the country`s foreign debt makes 8.5% of the GDP. “As of October 1, 2014, Azerbaijan's foreign debt amounted to 5.005 billion manats which accounts for 8.5% percent of the country's GDP,” the Ministry`s spokesman said. “Some 7.4% of the total amount of the debt was borrowed for up to a 10-year term, while 61.3% for the period from 10 to 20 years, and 31.3% for more than 20 years." "Mainly attracted from the World Bank, the Asian Development Bank, Islamic Development Bank, the European Bank for Reconstruction and Development, Japan International Cooperation Agency and other international financial institutions, the funds were spent on economic reform programs, rehabilitation and reconstruction of infrastructure, including construction and rehabilitation of power plants, construction of roads, improvement of water supply in the regions, development of aviation and railway services, as well as industry and energy," the Ministry said.