Azerbaijani-Pakistani leasing company forecasts fivefold portfolio increase in 2011

Business Materials 1 June 2011 18:42 (UTC +04:00)

Azerbaijan, Baku, June 1 / Trend, A.Akhundov /

The Azerbaijani-Pakistani Lizinq Company MCB forecasts the volume of the portfolio at the level of 5.5 million manat by late 2011. As of early 2011, the figure was 1.17 million manat, the company board chairman Ramal Jafarov said.

"As of May 31, 2011 the leasing portfolio amounted to 2.378 million manat," he said. "As of late 2011, the forecast hits 5.5 million manat and 16-17 million manat as of late 2012."

He said that the total sale volume amounted to 2.1 million manat up to now.

"By late 2011 we plan to increase sale volume up to 7 million manat and up to 21 million manat as of late 2012," Jafarov said.

He said that today the company has about 45 active contracts with customers.

"We are interested in the competitive spheres, the areas having special attention of the state, as well as those having great demand," he said. "These are the processing sector in agriculture, infrastructure projects, the subsidiary areas for the oil sector and medical field. We are already engaged in activities in these spheres."

The Azerbaijani Tax Ministry registered the company Oct. 15, 2009. Its founders are MCB Bank and Namig Safarov.

MCB Bank has assets of $6 billion and 1,500 branches in eight countries. The company belongs to the Nishat Group, whose core business is textiles and manufacturing for global brands.

The official exchange rate is 0.7894 manat to $1 on June 1.