Azerbaijani PASHA Bank expands microfinance program
Baku, Azerbaijan, Mar. 13
By Azad Hasanli - Trend:
PASHA Bank plans to increase its loan portfolio as part of its microfinance program to 35-40 million manat, Board Member, PASHA Bank Chief Investment Officer Taleh Kazimov told Trend March 12.
He said that the current microfinance portfolio of the bank is 26 million manat. This includes the loans issued to the non-bank credit organizations and leasing companies.
"Initially, a microfinance portfolio was designed for 10 million manat, but the demand for getting the funds was great," he said. "We are currently reviewing the financing volumes upward."
"The portfolio on microfinance program has increased by five percent since early 2015," Kazimov said.
"Until now, the funding in this area was carried out through the bank's own funds," he said.
"Currently, we are also negotiating with international organizations for raising funds for the implementation of such programs."
He said that the bank sees great potential in this segment.
PASHA Bank started implementing the microfinance program in spring 2013. The loans are issued for three years at a rate of 14 percent per annum without collateral. The bank is working over revising the conditions for the issuance of new loans in connection with the changes in the market situation.
PASHA Bank is a leading corporate bank in Azerbaijan. Founded in 2007, the bank renders a wide range of corporate banking services, including the issuance of loans, transactions on the securities market, asset management and treasury services. Around 329 people work in PASHA Bank, represented by its head office and nine business centers.
The official exchange rate is 1.0498 AZN/USD March 13.
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Edited by CN