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IFC may take an equity stake in an Azeri lending institution

IFC may take an equity stake in an Azeri lending institution

21 May 2009 10:24 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. IFC, a member of the World Bank Group, may take an equity stake in CredAgro, a leading microfinance institution in Azerbaijan, said IFC officer for Azerbaijan Aliya Azimova.

According to her, IFC has lent $8 million in loan in CredAgro and some part of the funding may be converted into equity (10-20%) in the future.

â€œIf the parties agree and take interest, IFC may take a stake,â€ she noted.

Eldar Jafarov, General Director of CredAgro, said they intend to increase the number of shareholders in the future.

CredAgro is a nonbank financial institution that serves some 15,000 microenterprises. It holds 17 percent of Azerbaijanâ€™s total microfinance loan portfolio.

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