FINCA Azerbaijan to widen loan portfolio to $175 million in 2013
Azerbaijan, Baku, Feb. 20 / Trend A.Badalova /
The FINCA Azerbaijan non-bank credit organisation intends to raise its loan portfolio to $175 million in 2013, the chief executive director of the organisation, Manish Sane said at a press conference.
As Sane noted, today's loan portfolio of FINCA Azerbaijan amounted to $153.47 million. According to him, the previous year was quite successful for the organisation.
"In 2012, the total credit portfolio increased by 30 per cent compared to 2011, while the number of customers increased by 14 per cent," Sane said.
As of February 8, 2013, according to Sane, the number of customers of FINCA Azerbaijan totalled 137,940. By the end of the current year, this figure is projected to reach 150,000.
To improve the quality of services provided to small and medium enterprises in February and July of last year, FINCA Azerbaijan lowered interest rates on all credit products. According to Sane, plans for reduction in interest rates remain for this year as well.
Last year, a new loan product, a private rural credit was introduced, and provision of rural credits started in the Absheron region. In 2012, all branches of the credit institution were provided with cash funds for what became possible after the opening of six new offices.
Speaking of the plans of FINCA Azerbaijan for this year, Sane noted that it is planned to open two new branches of the organisation by the end of the year, one to be located in Baku and the other in the region.
"In addition, four of the 134 sub-offices are to be transformed into branches," Sane said.
FINCA Azerbaijan is one of the leading non-bank credit organisations in the country and was established in 1998 with support from the U.S. Agency for International Development (USAID). It is part of the FINCA International microfinance structure, operating in 22 countries.
FINCA Azerbaijan has 30 branches and 34 sub-branches providing clients with a range of financial products and services including Rural Group Loan, Solidarity Group Loan, Individual Express Loan, Small and Medium Entrepreneur's Loan, as well as Individual Agricultural Loans.