BAKU, Azerbaijan, May 4
By Fidan Babayeva - Trend:
Azerbaijan’s Avrasiya-Kredit non-banking credit organization (NBCO) provided more than 300 individuals with loans from January through March 2020, a source in the non-banking credit organization told Trend.
“Spring is characterized by an increase in demand for agricultural loans,” the source said. “The number of applications for getting loans increases when the sowing season begins. Therefore, a decrease in demand for loans is not observed during this period, but I would like to stress that it was impossible to issue such loans during the quarantine period introduced in connection with the coronavirus pandemic.”
“After President of Azerbaijan Ilham Aliyev signed the decree on additional measures in connection with solving the issue related to the problem loans for individuals in 2019, 1,021 loans for individuals were restructured,” the source added. “This had a great positive impact both on the well-being of the organization’s clients and on the improvement of the organization’s loan portfolio.”
"Presently, the organization cooperates with the Azerbaijan Micro-finance Association,” the source said. “Its goal is to promote the interests of the organization's members including numerous microfinance organizations, improve the regulatory framework of their activity and facilitate the access to the foreign investment funds.”
“Avrasiya-Kredit non-banking credit organization has been represented in the Management Board of the Azerbaijan Micro-finance Association and closely cooperates with the Central Bank of Azerbaijan in the field of prudential reporting and in connection to a single credit registry," the source said.
“Presently, it is planned to introduce 'card' systems for issuing loans, which will help reduce unnecessary expenses of a client during his/her visit to the banks’ branches,” the source said. “The work is also underway to connect to various payment systems to pay off monthly payments by customers through these systems,” the source said.
Avrasiya-Kredit NBCO organization issues the loans mainly for agriculture sector, small business, private entrepreneurship and also issues the consumer loans.
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