January 17, 2012 / 2:30 PM / 8 years ago

Azerbaijan investment up 61 pct to $20 bln in 2011

BAKU, Jan 17 (Reuters) - Total investment in oil-producing Azerbaijan rose to $20 billion in the whole of 2011 from $12.4 billion in 2010, boosted by an expansion in the non-oil sector, the country’s economic development minister said in a report published on Tuesday.

More than half of that investment, or $13 billion came from domestic companies and the state, while the rest of the funds was brought in by foreign companies and international financial institutions.

“In 2011, $15.7 billion was invested in non-oil sector, while the rest - in oil sector,” Shahin Mustafayev said.

He said that the Azeri government signed 11 loan agreements with international financial institutions last year, attracting $1.7 billion and channeling the funds into the transport, energy, telecommunications, agriculture and social sectors.

The International Monetary Fund projected 2011 investment in Azerbaijan’s economy at 10 billion manats to 11 billion manats ($12.7-14.0 billion), the same level as for 2012.

$1=0.8 manats Reporting by Lada Yevgrashina; writing by Margarita Antidze in Tbilisi; editing by Andrey Ostroukh/Anna Willard

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