Azerpost LLC preparing to get license for loan issuance

ICT Materials 24 July 2017 21:36

Baku, Azerbaijan, July 24

By Huseyn Valiyev – Trend:

Azerbaijan’s postal operator Azerpost LLC is preparing to get permission for issuing loans, a source on Azerbaijan’s financial market told Trend.

The WB suggested allocating a loan worth $20 million for a period of 20 years, and these funds should be spent exclusively on developing microcrediting services, according to the source. The state guarantee is needed for attracting the WB loan and therefore, this issue must be solved at the government level, the source added.

Azerpost had earlier prepared a pilot project to issue microcredits for development of business and agriculture.

Azerpost LLC started providing financial services in April 2012 in line with a license of the Central Bank of Azerbaijan.