Azerbaijan, Baku, Oct. 27 / Trend , N.Ismayilova /
The total credit liabilities of the major strategic state enterprises to the Central Bank of Azerbaijan totalled 1.756.4 billion manta as of July 2011. Loans under the state guarantee were allocated to the State Oil Company of the Azerbaijan Republic (SOCAR), Azeraluminium, Azerenerji and Azerbaijan Airlines (AZAL).
This was shown in the draft state budget for 2012 and the next three years submitted to the Azerbaijani Parliament for consideration.
The CBA had issued loans worth 1.940.9 billion manat (including interest payments on loans) to support these major strategic state enterprises, of which 9.5 per cent was returned as of July.1, 2011.
SOCAR received a loan of 750 million manat, but the total debt, taking into account the principal and interest, amounts to 860.9 million manat. As of July 1, the residue amounted to 692.2 million manat.
The first loan allocated to Azeraluminium was 202 million manat, but the total debt, taking into account the interest hit 247.3 million manat. As of July 1, the residue amounted to 241.2 million manat. The second loan of $ 42.7 million manat to Azeraluminium was granted for the implementation of several investment projects. The aluminum plant must pay the CBA a total of 51.5 million manat with interest. As of July 1, this debt amounted to 51.2 million manat.
Azerenerji received a loan of 270 million manat, and total debt amounted to 338.2 million manat, including interests. The energy operator returned 4.2 million manat, and as of July, it has to repay 334 million manat.
AZAL was also allocated two credits. The first loan with interest amounted to 364.2 million manat. As of July 1, this debt amounted to 359.3 million manat.
The second loan of 78.8 million manat was allocated to AZAL to purchase a Boeing-767 300 ER aircraft, in the light of accrued interest. As of July 1, this debt amounted to 78.5 million manat.
The CBA is going to minimise the use of an instrument to provide liquidity support to the country's strategically important businesses, CBA Deputy Chair Aftandil Babayev said earlier.
"This tool is one of the areas of anti-crisis policy to provide the country's strategically important businesses a cash flow in case of shrinking external financing channels and increasing internal risks. But the CBA aims to remove this tool from the circulation, and we can already see its share drop on the market."