IFC, microfinance company in Azerbaijan sign loan agreement
Azerbaijan, Baku, June 13 / Trend N. Ismayilova /
The International Finance Corporation (IFC) and the leading microfinance company in Azerbaijan FINCA Azerbaijan have signed an agreement to allocate a credit line worth $7 million.
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.