Azerbaijani Joint Leasing company cuts interest rates
Azerbaijan, Baku, Oct. 29 / Trend corr.J.Nasibova /.
The Azerbaijani Joint Leasing company has lowered interest rates for recipients of leasing, the company said in a statement released on Monday.
Changes in interest rates, according to which the leasing percentage will amount to 17 per cent and above with an initial contribution of more than 35 per cent, will take effect on November 1 2012. Earlier, interest ranged within 18-20 per cent.
As of October 1, 2012, the portfolio of the company amounted to 35.231 million manat. Within the first nine months of the year the Joint Leasing has financed 34 projects, and so on October 1 the total number of projects financed by the company, was 191.
Compared to the same period last year, 18 more projects were funded within the first nine months. The total number of projects funded in 2011, was 171.
The Joint Leasing Company was established on June 14, 2007 as the legal successor of the Azerilizing company. The founders of the Joint Leasing Company are British DH Leasing LTD (52,4 per cent) and the International Bank of Azerbaijan (47.6 per cent).
A joint venture Azerilizing, predecessor of Joint Leasing, is the first leasing company in the country. It was established in 1999 by the International Bank of Azerbaijan and Qarantileasing (Turkey). In 2002, Qarantileasing suspended its participation in the foundation of the company , hereafter, Azerilizing" continued to operate as a subsidiary of the IBA.
Joint Leasing Company , the first leasing company in Azerbaijan, is currently the largest professional participant in the leasing market of the country. It has rich experience in this field, Joint Leasing Company financed over 350 projects within the years of activity, thus supporting the small and medium enterprises and the development of various sectors of the economy. The fact that the shareholder is the country's largest bank, extends opportunities of the Joint Leasing and allows the company to fund the largest leasing projects.
The official exchange rate on October 29 is 0,7850 AZN / USD.