Azerbaijani leasing company ready to finance big projects

Business Materials 21 May 2012 18:26 (UTC +04:00)

Azerbaijan, Baku, May 21 / Trend A. Akhundov /

Azerbaijani leasing company Joint Leasing increased a leasing portfolio by 3.4 million manat during the first quarter. The company's leasing portfolio as of April 1, 2012 reached 32.86 million manat, the company said on Monday.

"The company offers all types of leasing services in terms of financial security," director of the company Elchin Ahmadov said. "At present, it is the most active participant in the Azerbaijani leasing market."

As of April 1, the total number of funded projects reached 188 to the amount of 26.12 million manat. During January-April, the company financed the projects worth 1.67 million manat. The authorized capital hit 700,000 manat.

The company's strategy is to continue accelerating the portfolio by increasing the funded projects by the end of this year, and a willingness to finance even the largest leasing projects with financial support of its shareholder, the country's largest bank - the International Bank of Azerbaijan.

Joint Leasing Company has been operating since June 14, 2007 as the legal successor of Azerlizing company. The founders of the company are British company Dolphin Leasing (52.3 percent) and the International Bank of Azerbaijan.

The Azerbaijani first leasing company, joint venture "Azerlizing" (current name Joint Leasing Company) was established in 1999.

The official exchange rate is 0.7858 AZN/USD on May 21.