Bank Of Baku

Azerbaijan Credit Unions Association is enlarging

Azerbaijan Credit Unions Association is enlarging
# 21 August 2010 09:14 (UTC +04:00)
Baku. Elnur Huseynguliyev – APA-Economics. The number of the members of Azerbaijan Credit Unions Association (AKIA) is expected to increase by 23% and reach 79, chairman of the AKIA Management Board Elchin Bagirov told APA-Economics.

According to Elchin Bagirov, three more credit unions applied to the Central Bank of Azerbaijan for license.
“These unions intend to appeal to the Association after getting license. The number of the AKIA members will reach 79 by the end of the year,” he said.

There are 79 credit unions operating in the country. 64 of them are the members of the Association. 35 of the credit unions have a strong focus on agricultural lending. The credit unions pay AZN 100 quarterly membership fee, new members AZN 30. AKIA was established in 2003.
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