BAKU, Azerbaijan, Mar. 16
By Fidan Babayeva – Trend:
The decree of the President of Azerbaijan Ilham Aliyev in 2019 "On additional measures for resolving the issue of individuals’ non-performing loans" is one of really breakthrough documents in the financial sector of the country, Azerbaijan’s Non-Bank Credit Organization (NBCO) "Azerbaycan Mikro Kredit” (AMK) Deputy Director Ahmad Afandiyev told Trend.
According to him, the decree covered loans of more than 600,000 people.
"The decree allowed to increase the social well-being of citizens. Also, the conclusion of new credit agreements on favorable terms began to contribute to the gradual improvement of the credit history of citizens, thereby simplifying access to new loans," said Afandiyev.
According to him, “Azerbaycan Mikro Kredit” from the beginning of its work considered crediting the real sector of the economy to be the main priority. The share of business loans compared with consumer loans in the total portfolio is increasing.
"The company’s authorized capital in September 2019 amounted to 100,000 manat. The total capital of NBCO, excluding other changes for the third quarter of 2019, is 2.6 million manat ($1.56 million)," he added.
Azerbaycan Mikro Kredit LLC was established in April 2014 in accordance with the legislation of the Republic of Azerbaijan. The main goal of founding the NBCO is to provide short-term and long-term, secured and unsecured loans to low-income people, entrepreneurs, individuals and legal entities, including financial institutions, striving to improve the overall well-being of poor communities.
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