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CredAgro non-bank financial institution sees 51% rise in clientele

CredAgro non-bank financial institution sees 51% rise in clientele

13 January 2010 14:33 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of January 1, Azerbaijan-based non-bank microfinance institution CredAgro posted its clientele at 20 700, up 51% from January 1, 2009.

Eldar Jafarov, director of CredAgro, said it is planned to launch branches and offices in Saatli, Imishli and Devechi this year.

â€œWhen making a decision whether to open a branch or a representative office, we will consider the number of clients in a particular region,â€ he added.

CredAgro, set up by ACDI/VOCA in 2000, is a microfinance institution with a strong focus on agricultural and rural lending.

CredAgro lends loans at 25-36% annually.

It operates 14 branches and 8 representative offices throughout the country.

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