Azerbaijan’s state investments to exceed 2bn dollars in 2020

By Ofeliya Afandiyeva

Azerbaijan’s State Investment Program is expected to amount to 4.9 billion manats ($2.89 billion) in 2020, which is 18 percent lower compared to 2019.

“For 2020, the amount of the State Investment Program, 4.9 billion manats, will be shaped by means of the state capital investment in 3.96 billion manats ($2.33 billion) and foreign loans given to projects in 951 million manats ($559 million). In general, the sum of the State Investment Program is 18 per cent less than in 2019”, a source within Chamber of Accounts has reported.

Along with this, a drop is expected in the State Investment Program in 2021 (3.4 billion manats) and in 2022 (3.4 billion manats or $2 billion), while it is also assumed that the amount will reach 4.9 billion manats ($2.88 billion) in 2023 again.

In total, 17 billion manats ($10 billion) will be invested in the State Investment Program in 2020-2023. There is also anticipation to attract about 3.1 billion foreign loans to the implementation of projects.

As part of the State Investment Program, 3 billion 757.7 million manats ($2 billion 210 million) will be directed to the implementation of infrastructure projects and 807.3 million manats ($474.9 million) to social projects in 2020.

Moreover, 244 million manats ($143 million) will be spent on projects related to maintenance of the material and technical base of law enforcement agencies and 100 million manats ($58 million) on other projects.

In addition, investments in institutional projects have not been included in the 2020 report, however, in 2021-2022, 200 million manats ($117.6 million) are expected to be invested in these projects per annum. In 2023, the figure will reach 400 million manats ($235.3 million).

“In general, investments in the framework of the state capital investment in 2020 will be directed for the purpose advancing the non-oil sector and ensuring economic security”, the Chamber has stressed.

It should be pointed that, according to the data by Chamber, 2019 State Investment Program amounted to 5.98 billion manats ($3.5 billion), including 4.84 billion manats ($2.85 billion) in state capital investment, 1.14 billion manats ($670.6 billion) in foreign loans.