Over the 6-year activity period, the credit portfolio of the non-banking organization CredAgro has allocated $26 million. Nearly 6,000 small and medium enterprises have benefited from the financial resources of the organization, the CredAgro Director Eldar Jafarov told Trend. For the reported period, the amount of the unsafe credit portfolio equaled 1% in the region, Jafarov stressed.
Together with the grants of the U.S. Agency for International Development (USAID), CredAgro carries out financing through the credit resources of the Swiss Microfinance Fund Dexia / Blue Orchard and prepares to use the credit of EBRD. CredAgro is the first non-banking credit organization in Azerbaijan that is financed by Swiss banks and EBRD.
The agreement between CredAgro and Dexia / Blue Orchard was concluded in November 2005 in amount of $800,000 for one year, and with EBRD on 26 September 2006 in amount of $1 million for 3 years.
The credit resources of the fund are intended for financing of micro and small enterprises in the Country. Today the activities of CredAgro are directed towards financing the projects in regions and cover 20 districts. In this regard, CredAgro has established 9 representations and possesses supporting offices. The credits of CredAgo are intended for agriculture, trade operations, infrastructure and leasing. The credits are provided with a 22-24% annual rate for the period of up to 2 years.