GAF allocates 110 million euro since establishment
Azerbaijan, Baku, March 17 / Trend N. Ismayilova /
The German-Azerbaijan Fund (GAF) has financed 29,000 loans totaling 109 million euro through its own funds from the beginning of its activity.
"Today, 23.5 percent of total loans and 45.4 percent of the funds fell to Baku," the GAF said.
The GAF said 8 percent of the total loans and 11 percent of the funds fell to Sumgayit; 10.6 percent and 9.4 percent to Lankaran; 21 and 13 percent fell to the Sheki-Zagatala region; 10 and 8.8 percent to Aran; 13.6 and 11.5 percent fell to Ganja-Gazakh; and 0.7 and 1.4 percent to Guba-Khachmaz.
The structure of the GAF loan portfolio is as follows - 67 percent fell to trade, 18 percent fell to services, 11 percent fell to production, and four percent to agriculture.
The portfolio's structure on total loans is distributed among sectors. For example, 64 percent fell to trade, 21 percent to services, 10 percent to production, and five percent to agriculture.
The fund's current portfolio stands at 13.98 million euro, on which 6,311 loans were issued. The amount of each loan does not exceed 15,000 euro.
The share of the fund's portfolio is 1.6 percent. It significantly decreased over the last 6 months and is now at a very good level," he said.
Today the fund's activities cover 16 regions with 36 service points.
Financing by the fund started in 2001 at the expense of a loan from KfW. The German bank provided two tranches of 8.7 million euro to the GAF.
The agreement on the establishment of the GAF was signed in 1999, but the credit began to be provided in March 2001 at the expense of KfW. GAF partners are of Bank of Baku and Unibank since March 2001; Parabank and Bank Respublika since January 2003; Azerdemiryolbank and Agbank since September 2004; Rabita Bank and Mugan Bank since December 2006, and Nikoil Bank since February 2007.