Outstanding bank loans to Azerbaijan’s electricity, gas, steam and water supply companies dropped to 264.4 million manats at the end of September 2026, down 3.1% from August, Central Bank data show.
According to calculations based on the statistical bulletin of the Central Bank of Azerbaijan (CBA), loans to the energy sector shrank by 8.5 million manats in September compared with the previous month. At the end of August, the outstanding loan balance for the sector stood at 272.9 million manats.
The picture varies by ownership. Loans to state-owned enterprises fell from 232.2 million manats in August to 222.5 million manats in September, a decline of 9.7 million manats, or 4.2%. Loans to private companies, by contrast, rose from 40.8 million manats to 41.9 million manats, up 2.7%.
How the loan structure shifted by maturity
The balance of short-term loans fell from 28.6 million manats at the end of August to 27.1 million manats at the end of September. Of that total, 11.7 million manats went to state enterprises and 15.4 million manats to the private sector. Short-term debt at state companies shrank by 18.8%, while the private sector saw an 8.5% increase. By currency, 22.7 million manats of these loans were denominated in the national currency and 4.4 million manats in foreign currency.
Long-term loans fell from 244.4 million manats in August to 237.3 million manats in September. State enterprises accounted for 210.9 million manats of that amount, with private companies holding 26.5 million manats. Long-term debt at state-owned firms declined from 217.8 million manats, while the figure for the private sector held steady at 26.5 million manats. The total volume of long-term loans issued in foreign currency fell from 221.9 million manats to 215 million manats, of which 210.8 million manats belonged to state enterprises.
Overall, the decline in total lending to the energy sector in September was driven by reductions in both short-term and long-term loans. Notably, while credit flows to state enterprises weakened, loans to private companies showed growth.
