FINCA Azerbaijan intends to increase loan portfolio by 35 percent in 2011

Business Materials 3 August 2011 20:04 (UTC +04:00)

Azerbaijan, Baku, Aug.3 / Trend, A. Badalova /

By late 2011, FINCA Azerbaijan non-bank credit organization plans to increase its loan portfolio to $111-$112 million, and the number of customers to 120,000-121,000, FINCA Azerbaijan chief executive officer Manish Sane told Trend.

"The number of FINCA Azerbaijan clients in the first seven months of 2011 increased by 17,000 to 114,000 compared to 97,000 in late 2010," Sane said.

The organization's loan portfolio has also increased significantly - from $83 million to $101 million since late 2010 till present.
Sane said FINCA Azerbaijan continues to cooperate with social investors (BlueOrchard, Triodos Bank), as well as the International Finance Corporation, European Bank for Reconstruction and Development.

Last week a grant agreement worth $1.42 million, signed by FINCA Azerbaijan with "Avrasiya-Kredit" non-banking credit organization was official registered at the Azerbaijani Economic Development Ministry. These funds will be used for issuance of small loans to people with low incomes, affected by war and mine explosions.

This is the first grant allocated by FINCA Azerbaijan for its entire activity period.
FINCA Azerbaijan is one of the leading non-bank credit organizations in the country, established in 1998 with the support of the U.S. Agency for International Development (USAID). It is part of the microfinance structure Finka International, which operates in 22 countries.