IFC approves loan for Azerbaijani micro-finance company
Azerbaijan, Baku, April 28 / Trend N. Ismayilova /
The Board of Directors of the International Finance Corporation (IFC) has approved a credit line worth $7 million for FINCA Azerbaijan, the leading microfinance company in Azerbaijan, IFC said.
At present, the relevant documents are prepared for signing.
The funds will be used to finance expanding of lending of micro and small business by the company in the country. The company seeks for the long-term financing to continue developing dynamically and offer new products to its customers.
The project will support FINCA Azerbaijan's efforts to diversify and increase funding, as well as more efficient management of its assets and liabilities.
FINCA Azerbaijan was established in 1998. It is one of the leaders of the microfinance market in Azerbaijan with a loan portfolio to the amount of $84 million.
FINCA Azerbaijan belongs to FINCA International, Inc, a non-commercial organization with headquarters in Washington.