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Azerdemiryolbank receives international certificate of quality and reliability

04 June 2009 11:03 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerdemiryolbank, which is one of the leading banks of Azerbaijan, has received a certificate of the highest, fifth, degree of transparency, quality and reliability from Microfinance Information Exchange in cooperation with the Microfinance Association of Azerbaijan.
The certification proved the bankâ€™s transparency, activities and achievements, said the bank.
Microfinance Information Exchange is a non-commercial organization supported by various international agencies and funds, including CGAP (a consortium of international donors on microfinance development in the world), Citigroup Foundation, Open Society Institute â€“ Soros Foundation, Rockdale Foundation, etc.
Among the key components of Microfinance Information Exchange activities there is a global information portal on microfinance - MIX Market, which was initially created as a UNCTAD project. The project helps promote microfinance worldwide and attract finance to this sector.
Microfinance Information Exchange awards nominations to financial agencies actively participating in microfinance programs, referring to their participation in MIX Market and the level of their releasing information about this. Azerdemiryolbank is also a member of the Microfinance Association of Azerbaijan.
Azerdemiryolbank cooperates in micro crediting with such international financial organizations as EBRD, IFC, OPEC International Development Fund, Swiss Investment Development Fund SIFEM AG, ING Bank from the Netherlands, etc.
Besides other crediting programs, Azerdemiryolbank also pays much attention to micro crediting, which also reflects the bankâ€™s social orientation. Being among the most popular segments of the market, micro crediting helps develop small-scale businesses, create new jobs and improve the prosperity of large social groups.