Baku, Azerbaijan, Oct. 16
By Rashid Shirinov – Trend:
Azerbaijan Micro-finance Association (AMFA) is negotiating with foreign investors to raise funds for the country's micro-credit market, AMFA Executive Director Zhalya Hajiyeva told Trend on Monday.
She said that AMFA held talks with about 20 investors from the Netherlands, Germany, France and the U.S. One of the Azerbaijani non-bank credit organizations (NBCO) has achieved attracting reinvestment.
"We hope that next year the volume of reinvestment will increase. We are holding talks in this direction," Hajiyeva noted.
She added that some foreign investors are in the position of waiting for the improvement of the situation in the micro-credit market.
"They expect that next year, after the market situation improves, they may show interest in reinvesting their funds in Azerbaijan," the executive director said.
It is worth noting that according to the Central Bank of Azerbaijan, as of September 1, 2018, the loan portfolio of NBCO amounted to 401.1 million manats, which is 11.32 percent less than in the same period last year.
In the reporting period, the share of NBCO in the credit market of Azerbaijan decreased from 3.7 to 3.3 percent.
The official exchange rate on October 16 is 1.7 AZN/USD.