Finance

Finance

FINCA Azerbaijan gets 4% rise in loan portfolio

17 February 2010 09:12 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-ECONOMICS. As of January 1, FINCA Azerbaijan, a non-bank lending institution of Azerbaijan, posted its portfolio at $69.235 million, up 3.75% on a year ago.

Zaur Mammadov, the institutionâ€™s official told APA that $40.528 million went to customers in groups and $ 28.707 million to customers individually.

The number of customers grew by 8.04% to 90 558, 68 379 of which are customers in groups, 22 179 are individual customers, over the past one year.

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. As of January 1, FINCA Azerbaijanâ€™s authorized capital stood at $ 5 000.