Finance

Home page

Finance

FINCA Azerbaijan sees clientele decline

25 June 2009 10:17 (UTC +04:00)

Baku. Elnur Huseynguliyev â€“ APA-ECONOMICS. As of June 1, FINCA-Azerbaijan, a non-bank lending institution of Azerbaijan, posted its portfolio at $65.248 million, doun 2.2% from early this year.
Zaur Nurmammadov, project coordinator at FÄ°NCA-Azerbaijan, said $36.128 million went on-lent to customers in groups and AZN 29.121 million to customers individually.

The number of clients declined by 2.8% to 81 476 (61 114 customers in group and 20 362 individual customers)
Loans lent to customers in group accounted for 55.4 of the loan book.

The loans are available for union groups at 2.5-3% monthly, rural community groups at 3.5% monthly and individuals at 2-3%.

FINCA Azerbaijan is part of the FINCA International network, which developed the village banking method of microfinance which emphasizes the formation of community-based credit and savings associations, was established in 1998. Its fixed capital is $5 000