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Joint Leasing diversifies sources of funding

21 May 2009 15:36 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Joint Leasing, an Azeri-British Joint Venture, plans to diversify its sources of funding and get access to alternative sources.

The joint venture said transparency of financial reports has been ensured and all financial statements were audited in accordance with international financial reporting standards.

Vagif Akbarov, Deputy Chairman of International Bank of Azerbaijan which holds a large interest in the leasing company, attributed the shortage of funding to global financial crisis, saying he problem will be solved as soon as possible.

â€œLeasing market is the main priority for us and we will provide necessary assistance to Join Leasing. This company had good financials for 2008. I am sure that Joint Leasing will take the lead in Azeri market again,â€ he added.

On June 14, 2007, Joint Leasing, co-owned by International Bank of Azerbaijan (47.7%) and Dolphin Leasing (52.3%), succeeded AzeriLeasing that had been in operation since 1999.
As of January 1, its leasing portfolio stood at AZN 55.587 million, the number of leasing contracts reached 384, investments made AZN 21.974 million and authorized capital made AZN 700 000.