Azerbaijani Micro Financing Association Involves Auditor to Check Financial Indicators in 2008
Azerbaijan, Baku, 3 December / Trend corr. N.Ismayilova/ The Azerbaijani Micro Financing Association (AMFA) is involving auditor firms to check financial indicators of the AMFA in 2008, the Association said.
It is necessary to submit offers on check of financial reports, including balance sheet, report on income and cashflow, to participate in a competition.
The AMFA hired bookkeeper in February 2007 and so far, only one employee of the association has developed reports on expenses and incomes.
A total of 14 institutions of 15 micro financing organizations functioning in the country are members of the AMFA.
At present the AMFA has 24 members (including ten banks) and its loan portfolio exceeded $600mln, rising by 100% on 1 July. Half part of loans has been directed to finance agriculture and 25% - trade operations. Active clients of the AMFA number 290,000 people.
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