Leasing Fund to be Established in Azerbaijan

Business Materials 12 April 2008 12:34 (UTC +04:00)

Azerbaijan, Baku, 12 April / Trend corr. U.Ismayilova / The Association of Leasing Companies of Azerbaijan are planning to establish Leasing Fund in 2008. The Fund will provide cheaper funds to finance leasing companies for future development, Azar Mammadov, head of Leasing Company Association stated.

Association holds negotiations on establishment of Leasing Fund with the International Financial Corporation, European Bank for Reconstruction and Development and Asian Bank of Development," Mammadov said.

Fund will possess the attracted funds and can finance local leasing companies.

"Establishment of the Fund will increase funds and corporative clients, which will develop market," Mammadov believes.

Presently, there are seven operating leasing companies in Azerbaijan. The joint portfolio of leasing companies comprised AZN 140mln in 31 December 2007, which exceeded indexes for 2006 by 110% and reached AZN 59mln.