The year of 2007 got the next year of achievements for the Micro Finance Bank of Azerbaijan

Baku, Azerbaijan, February 3 / Trend / Within the last year of 2007 the total assets of MFBA increased to 141% and reached USD 133 million up to the end of December whereas this index was in the level of USD 55,4 million in December 2006. This increase was basing upon involvement of high amount of credit lines from various international financial institutions and investors in sum of over USD 60 million, including two historically important credits for Azerbaijan. Loan obligations (so-called bonds) in sum of USD 11,4 million were issued for 5-year period through the Luxemburg securitization mechanism to the international capital market. These bonds were the first obligations issued for Azerbaijani bank in the international capital market and firstly in the world for one microfinance institution. Furthermore, in December MFBA gained the first credit for Azerbaijan allocated by financial institution of international private sector in AZN. Credit in amount of AZN 4,2 million was granted by the SNS Microfinance Fund. Consequently it's possible to conclude that MFBA has the leading role not only in financing the business development in Azerbaijan but also in development of assurance of the international capital in the Azerbaijani banking sector.

Extension of bank was conditioned also by increase of the Authorized Capital till AZN 11 million. The process of registration of issue of additional shares completed in April. All five existing shareholders participated in increase of capital and the sixth shareholder i.e. Access Microfinance Holding was included into the content of shareholders.

All of these facts impacted on increase of the credit portfolio of the bank reaching for 140% i.e. to USD 114 million from USD 47,6 million in December 2006. The number of the clients gaining credits in MFBA at the end of 2006 was 16.719 people and this number increased to 47.683 at the end of 2007. Within five-year activity bank had granted about 98 thousand credits in total sum of USD 274 million including 66 000 ones in total sum of USD 250 million allocated for representatives of small business in Azerbaijan. Consequently MFBA adhering to own mission makes a great contribution to development of micro, small and medium entrepreneurs establishing new employment points and developing the economy of Azerbaijan.

One of the greatest steps in development of the non-oil sector of the economy of Azerbaijan and the credit business of MFBA was the agrocredit product for those engaging in agricultural business established in August. This product is in great demand particularly in regional branches i.e. in Sheki, Gandja, Lankaran and Khachmaz. Within 5-month work over two thousand representatives of agro business gained credits in total sum of USD 3,6 million important for their activity.

Besides the high indices in credit business MFBA had actively worked with individuals and subsequently, the deposit portfolio increased for 280% and reached USD 14 million. Money transfer turnover also rapidly increased and reached in average monthly USD 11 million. Plastic cards business also actively develops. It's noticeable that in 2007 bank passed chip certification and already in 2008 the clients of the bank will be able to use more perfect banking cards with embedded chip.

More 4 branches were established within 2007 and the branch network of MFBA reached 14 branches. Presently everybody is able to use the services of the bank in Baku, Sumgayit, Gandja, Sheki, Lankaran and Khachmaz. During the recent year the branch network of MFBA will cover more several regions of Azerbaijan.

Such rapid extension of the bank promotes to increase of new employment points for young specialists. Within 2007 the bank involved more than 200 new young employees and for the most of them it was the first professional working experience upon graduation from high schools and, subsequently, the number of employees of the bank reached 640 people.

It's also noticeable that in May the M-CRIL International Rating Organization for microfinance enterprises prepared rating for the Micro Finance Bank of Azerbaijan in accordance with which MFBA was assessed n the "Alpha" level. Basing upon the "Alpha" rating M-CRIL highly recommends the bank to international investors and admits the high financial safety and perfect systems of the bank. M-CRIL positively evaluated in own report particularly the high management level and perfect computer system as well as the qualitative and diversified portfolio of the bank.

U.S. Senate passes 1.9-trln-USD relief bill after marathon overnight session
U.S. Senate passes 1.9-trln-USD relief bill after marathon overnight session
U.S. administers 87.9 million doses of COVID-19 vaccines: CDC
U.S. administers 87.9 million doses of COVID-19 vaccines: CDC
U.S. Embassy Announces 2021-2023 GIPA Master’s Degree Program  in Journalism
U.S. Embassy Announces 2021-2023 GIPA Master’s Degree Program in Journalism
Loading Bars
France registers 23,306 new coronavirus cases, 170 deaths
U.S. Senate passes 1.9-trln-USD relief bill after marathon overnight session
UK records another 6,040 coronavirus cases, 158 deaths
India could be next happening market for SPAC-driven investor frenzy
Amazon, Google vie for piece of India digital payment market
India’s Wipro to acquire UK company for $1.45 bn
Indian-American named 1st VP, COO of Federal Reserve Bank of New York
Indian Govt to support Sri Lanka – Keheliya
Canada thanks India for sending 500,000 doses of COVID-19 vaccines
India proposes inclusion of Chabahar Port in INSTC multi-lateral corridor project
Nepali Parliamentarians take COVID-19 vaccine ahead of reinstated lower house meeting
Twitter tests audio chat tool Spaces on Android in India
WHO reports over 353,000 new daily cases of COVID-19
U.S. administers 87.9 million doses of COVID-19 vaccines: CDC
Foreign diplomats acquainted with Gulebird HPP in liberated Lachin of Azerbaijan (PHOTO)
Uzbekneftegaz eyes increasing daily production of liquefied gas at Shurtan oil&gas dep’t
Maduro receives Russia’s Sputnik V COVID-19 vaccine
Prices for fuels and lubricants increase in Kyrgyzstan 10-15% in one month
Turkey reports 11,770 COVID-19 cases in 24 hours
Iran, Iraq confer on expansion of transportation coop.
Visitors from Central Asia countries to enter Georgia with PCR tests
Armenian occupants seriously damage Azerbaijan's ecology - Ministry (PHOTO)
Paris police clear Seine riverside over lack of social distancing
Twitter's Dorsey auctions first ever tweet as digital memorabilia
Tibetan spiritual leader Dalai Lama gets vaccine shot
Five people killed in Ukrainian bus crash in Poland
Azerbaijani oil & gas sector's weekly review
Air France plane forced to land in Sofia due to disruptive passenger
Turkmenhimiya SC opens tender for construction of plants for technical iodine production
Georgian GlenBerries company launches arrangement of greenhouses for growing vegetables and fruits
Azerbaijani Ministry of Education implementing innovative projects with Microsoft
Bahar Azadi gold coin price continues to fall in Iran
We successfully completed all steps taken, including ending occupation of Nagorno-Karabakh - Erdogan
WHO official advises against introducing ‘immunity passports’ for travelers now
Russia logs 11,022 new COVID-19 cases
Azerbaijan confirms 149 more COVID-19 recoveries
Turkish FM pays official visit to Turkmenistan (PHOTO)
Iran reveals COVID-19 data for March 6
Uzbekistan transfers funds to UN Trust Fund for Aral Sea region
Turkish FM announces trilateral meeting between Azerbaijan, Turkey, Turkmenistan
Lybian diplomat harshly condemns Armenia using mosque in Azerbaijani Fuzuli as stable
Iran discusses relations with IAEA
Iran's nuclear activities completely peaceful - Rouhani
Who could say that Azerbaijan was wrong when the war started? - President Aliyev
New stage already evident in economic sphere, period of transparency, precision, when monopolies suppressed - President of Azerbaijan
As Commander-in-Chief, I know where our weaknesses are - Azerbaijani president
Today we are working on equal agreement with EU, it has been agreed by 90% - President of Azerbaijan
At new stage, we need to further deepen political dialogue - President Aliyev
Why are our “democrats” silent? Why aren’t they saying that Pashinyan should become example for us? - Azerbaijani president
Popular Front-Musavat ruined relations with almost all countries in just one year - Azerbaijani president
Azerbaijan today is country conducting large-scale reforms - President Aliyev
We have no problems with any political entity in country - President of Azerbaijan
If there were no outside help now, Armenia would be gone, completely - President Aliyev
If we are building road, asphalt is ours, bitumen is ours, gravel is ours, so why should we take external credits - Azerbaijani president
We never begged like Armenia, never humiliated ourselves, never asked anyone for help - Azerbaijani president
2003-2020 period was one of preparations - President Aliyev
Younger generation should know at what cost we were able to maintain independence - Azerbaijani president
Today Armenia shies away from cooperation, we will force them - President Aliyev
Absolute majority of participants in battles are people who were children when I came to power in 2003 - President of Azerbaijan
To put it mildly, Luxembourg does not have special political weight in world for its foreign minister to make any claims to us - President Aliyev
So many accused me – Ilham Aliyev does not want peace - Azerbaijani president
Hands of Popular Front-Musavat tandem were imbrued in blood of Azerbaijani people - President Aliyev
Country was in absolutely uncontrollable state during PFPA-Musavat tandem - President Aliyev
It is necessary to plan future of country in such way as to ensure long-term sustainable development - President Aliyev
I highly appreciate activities of “91”, for whom national interests were paramount at time - President Aliyev
Establishment of New Azerbaijan Party was necessity - President Aliyev
Heydar Aliyev's unambiguous, resolute steps related to independence were highly appreciated by people - President of Azerbaijan
Turkish investors have interest in Azerbaijan's business environment - Turkey's MUSAID
We turned Azerbaijan into country enjoying great authority, respect in international arena - President Aliyev
We are a country that creates realities - President of Azerbaijan
Program I announced after presidential elections is being implemented, we are consistently achieving our goals - President Aliyev
Many important events taken place in life of country in three years since sixth congress of New Azerbaijan Party - President Aliyev
Reps of diplomatic corps in Azerbaijan visit Fuzuli airport's construction area
Uzbekistan reveals its COVID-19 data for March 6
U.S. Embassy Announces 2021-2023 GIPA Master’s Degree Program in Journalism
Georgia reports 355 new cases of COVID-19 cases for March 6
Azerbaijan shows footage from Zangilan's Garadere village (VIDEO)
Democrats advance Biden's $1.9 trillion COVID-19 bill in marathon Senate session
President Ilham Aliyev congratulates Azerbaijani women on International Women's Day
Iran's Revolutionary Guard has disrupted airplane hijacking attempt
Diplomats accredited in Azerbaijan start visits to liberated lands (PHOTO)
Iranian currency rates for March 6
Azerbaijani Nakhchivan's Separate Combined Arms Army holding live-fire training classes (PHOTO/VİDEO)
Azerbaijani Agency for Development of SMEs continues to support self-employment program
COVAX delivers over 20 mln doses of COVID-19 vaccines to 20 countries - WHO
Interest-free funding regulation may boost Turkey's home sales
Iran records 0.8% economic growth under sanctions, pandemic
2021 Index of Economic Freedom: Georgia 12th in world and 7th in Europe
Electricity consumption in February amounted to 1.6 bln kWh in Kyrgyzstan
Chinese investors have major potential for attracting cargoes to Georgian Anaklia seaport
Belgium announces phased plan to ease COVID-19 restrictions
More than 20,000 U.S. organizations compromised through Microsoft flaw
U.S. detained nearly 100,000 migrants at Mexico border in February
Number of German enterprises in Uzbekistan increases in last four years
Spike in Canada exports to U.S. leads to surprise January trade surplus
Brazil working with Biden on climate, Amazon deforestation - foreign minister
Luxembourg ratifies protocol on tax agreement with Russia
U.S., Britain announce 4-month tariff suspension in aircraft subsidy dispute
Aeroflot to make flights to Seychelles from April 2
Kazakh MFA talks great importance of developing relations with Turkic-speaking countries
All news