Azerbaijan’s Nikoil Bank announces plans to strengthen lending to SMEs
Baku, Azerbaijan, Oct. 18
Azerbaijan’s Nikoil Bank has summed up the work of the business lending department in the period from January through September 2019 and announced plans to further strengthen lending to this sector of the Azerbaijani economy, Trend reports referring to the bank’s press service Oct. 18.
From January through September 2019, Nikoil Bank issued business loans worth 92.9 million manat ($54.76 million), which is 106 percent more than in the same period in 2018. Of this amount, 60.5 million manat ($35.661 million) was issued to small and medium-sized enterprises (SMEs), and 31.8 million manat ($18.744 million) accounted for microloans. In addition, with the support of Azerbaijan’s Agrarian Credit and Development Agency (AKIA), agricultural loans worth 649,000 manat ($382,554) were issued.
Nikoil Bank has traditionally focused on the corporate segment, large-scale projects and work with the population. However, since 2018, Nikoil Bank has transformed its business, and currently, the bank focuses on lending to micro, small and medium-sized businesses, as well as retail services to the population.
“Lending and servicing small and medium-sized businesses is a priority for us,” said Chairman of the bank’s Board Nikoloz Shurgaia. “We have created a system of hiring and training new employees for this area. This year alone, we hired about 300 young and motivated employees who already successfully work both with small and medium-sized businesses, as well as in the field of microcrediting."
"It is especially gratifying that Nikoil Bank is the first job for more than 100 employees. I am sure that the bank with these young people will achieve even more tangible results in supporting Azerbaijan’s economy,” he added.
($1 = 1.7 manat on Oct. 18)