Azerbaijan’s external debt stood at $12.327 billion at the end of 2025, down 9.3% from a year earlier, according to the World Bank’s International Debt Report 2026.
The decline came as debt levels across many developing economies continued to rise. World Bank data show that Azerbaijan also improved several key measures of its debt burden.
Public Sector Accounts for Most of the Debt
Public and publicly guaranteed external debt totaled $11.041 billion. Private nonguaranteed debt amounted to $1.064 billion, while short-term obligations stood at $222 million.
Azerbaijan owed $5.111 billion to multilateral creditors. That included $1.925 billion to the Asian Development Bank and $880 million to the International Bank for Reconstruction and Development, the World Bank’s main lending arm.
Debt to bilateral creditors totaled $797 million, including $381 million owed to Japan and $282 million to France. Obligations to private creditors stood at $5.133 billion.
Debt-Burden Indicators Improve
External debt was equivalent to 17% of gross national income and 35% of exports of goods and services. Debt-service payments amounted to 4% of GNI and 8% of export revenue.
New public borrowing from official creditors in 2025 had an average maturity of 14 years, a four-year grace period and an average annual interest rate of 5.1%.
Over the decade from 2015 to 2025, Azerbaijan’s external debt fell 6.5%, from $13.179 billion. By comparison, the combined external debt of Europe and Central Asia rose 15.3% in 2025 to $1.34 trillion.
Sources: Vesti Baku; World Bank International Debt Report 2026; World Bank International Debt Statistics.