These numbers were one in 2010, 35 in 2011 and 64 in 2012. Among them, the number of projects conducted jointly with foreign institutions has exhibited a dramatic change – from zero in 2012 to four in 2011 and 20 in 2012. And even though the first half of this year has not yet passed, there are already 20 such projects currently under way.
The obvious fallout of this indiscriminate borrowing is a severe deterioration in their ability to service debt, besides casting an adverse impact on banks’ balance sheets.