Pasha Bank joins Azerbaijan Microfinance Association
Azerbaijan, Baku, Oct. 2 / Trend A. Akhundov /
Pasha Bank has joined the Azerbaijan Microfinance Association (AMFA), AMFA executive director Jhale Hajiyeva told Trend today.
Pasha Bank has become AMFA's tenth member bank. Moreover, the Microfinance Association consists of 18 non-bank credit organisations out of 27 registered.
"Pasha Bank's interest in the microfinance market differs from other banks operating in this segment," she said. "If the banks are mainly interested in access to finance, Pasha Bank's mission is connected with the intention of developing this sector."
According to her, AMFA and Pasha Bank began cooperating two years ago. Establishing a special microfinance fund by the bank to the amount of 10 million manat is a good example.
The Bank has allocated around seven million manat from this fund since May 2013. The loans were granted for three years without bail at a rate of 14 per cent per annum. The Bank intends continuing to work in the field of microfinance. The bank may simplify the credit conditions. Besides the funds, the bank can begin rendering technical assistance.
"It is important that these credit lines are opened in the national currency and within the country," she said. "This reduces the currency risks of microfinance organisations."
Pasha Bank was founded in June 2007. It operates under the Azerbaijani Central Bank's licence No. 250 dated November 28, 2007.
The official exchange rate is 0, 7845 AZN/USD on Oct. 2.