New leasing-factoring company registered in Azerbaijan
Azerbaijan, Baku, June 6 / Trend , U.Ismaylova /
A new leasing company Atlant leasing-factoring LLC was registered in Azerbaijan, the official website of the Ministry of Taxes of Azerbaijan reported.
The leasing company was registered on May 18.
According to the forecasts by the International Finance Corporation (IFC), the leasing market in Azerbaijan in the near future will reach $500 million, and in 2009 the amount of leasing operations in the country is expected to total $250-300 million.
In total the number of companies and banks involved in leasing is more than 20 in Azerbaijan. However, only 5-6 companies actively operate in this sphere. This fact is explained through the lack of personnel specializing in leasing.
One of the main problems of leasing companies is the low capitalization, which averages $1 million. This level of capital does not allow international financial institutions to fund them directly.
Official rate on May 6 is 0.8036 AZN/USD.
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