Azerbaijani leasing company attracts large loan from ICD

Business Materials 8 October 2012 22:50 (UTC +04:00)

Azerbaijan, Baku, Oct. 8 /Trend A.Akhundov/

Azerbaijani leasing company Ansar Leasing drawn loan in the amount of $4 million from its founder - the Islamic Corporation for the Development of the Private Sector (ICD, is a member of the Islamic Development Bank), CEO of the company Jeyhun Nagiyev told Trend.

"These funds have been allocated for a period of three years with an annual interest rate of nine percent," Nagiyev said.

He noted that the lease portfolio of the company is amounted to approximately $17 million, it is planned to reach $21 million by the end of the year.

"Ansar Leasing plans to occupy a leading position in the leasing market and bring Azerbaijan's leasing portfolio to $50 million over the next three years," Nagiyev said earlier.

"Ansar Leasing" is a trademark of "Azerbaycan Lizinq" company, which was founded by the Islamic Corporation for Private Sector Development. It passed an official state registration on December 12, 2008. The company's goal is to render leasing services through financial leasing operations, based on the latest technologies in accordance with international standards. The company's authorized capital is 5 million manat.

Official exchange rate on Oct.8 is 0.7851 AZN/USD