The capitalization of Azerbaijan’s non-petroleum sector is 13% against 40-50 per cent in China, Elman Rustamov, Board Chairman, Central Bank of Azerbaijan, stated in his interview with AzTV, referring to a survey conducted by a research center.

In 1995-1996, when the capitalization of the oil sector caused an economic boom in Azerbaijan, “that was ensured due to foreign investors.” Rustamov pointed out that the investments in the Azerbaijani oil sector equaled to 400% of the sector’s output.

He said that real diversification requires other sources of financing, for example, the banking sector.

Rustamov said Azerbaijani banks have utilized a major part of their funds, but internal resources are showing increase now. “Economic diversification is impossible without active financing,” he said.

Shahina Mustafaeva, Minister of Economic Development of Azerbaijan, pointed out the funds of the National Business Promotion Fund are insufficient for developing the country’s non-petroleum sector, which means that banks must be actively involved in the process. Minister of Finance Samir Sharifov too believes that none of the country’s financial institutions shows such a high capitalization level now, Trend Capital reported.