BAKU, Azerbaijan, May 5
By Fidan Babayeva - Trend:
Azerbaijan’s AzMikroInvest non-credit organization (NBCO) issued loans to small and medium-sized enterprises (SMEs) in the amount of 1.2 million manat ($0.7 million) in 2019, which exceeds the 2018 data by 100,000 manat ($58,823), a source in the organization told Trend.
“At present, Azerbaijan’s raw materials and labor resources and an improved legislative base, play an irreplaceable role in increasing investment attractiveness. AzMikroInvest is expanding its activities to provide various financial and technical models and is committed to introducing innovations in this area in the near future. We are going to introduce new business models that include both various financial tools and new digital technologies,” the source said.
AzMikroInvest switched to the online mode of operation during the coronavirus quarantine regime.
AzMikroInvest NBCO was established in April 2014. Having received a limited banking license from the Central Bank in June 2014, it launched microfinance activity.
Its main goal is to render financial support for the development of micro-business in Azerbaijan, working as a sustainable microfinance organization to improve the social welfare of low-income families.
The financial base was formed through capital investments, cash and interest income of local financial institutions.
AzMikroInvest's future plans include not only expansion of microcredit activity, but also creation of new loan products, as well as microfinancing in support of the development of business of low-income people in densely populated cities and villages.
For this purpose, the organization has worked much to expand the microfinance services and attract additional funds from local and international financial institutions.
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