Shahin Mustafayev: AZN 18.3 bn expected to be invested in fixed assets next year


October 21, Fineko/abc.az. Investments in fixed assets next year are expected to amount to AZN 18.3 bn, including AZN 12.2 bn of domestic and AZN 6.1 bn of foreign investments.

The statement was made by Economy Minister and chairman of board Shahin Mustafayev at the enlarged meeting of the Board of the Ministry of Economy.

The minister points out that AZN 7.7 bn of those investments will be directed for the oil sector and AZN 10.6 bn for the non-oil sector. AZN 11.1 bn or more than 60% of investments in fixed assets will be invested in the non-state sector.

"Increasing of the role of the banking sector in investments is important. Thus, the financial depth (the ratio of loans to non-oil GDP) decreased from 51% in 2014 to 27.8% by the end of August 2019. The main objectives for achieving growth based on non-oil investments are to expand the access of economic entities to financial resources, bringing the financial depth to 60%, defined in the Strategic Roadmap," Mustafayev emphasized.