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New credit union established by women in Azerbaijan

28 June 2011 10:54 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. "Woman World" Credit Union has been established by founders consisting of only women. Taking into consideration that membership in Credit Unions consist of 60% of men and 40% of women, we have to mention that membership in this credit union will consist of 80% of women and 20% of men. The goal of this credit union is to help to women to receive of the primary materials for development of small business, such as creation of women hairdressing salon, carpet-weaving, weaving, production of diary products, production of the dry fruits and other areas of entrepreneurship involved by women, as well as the satisfaction of their needs.

As it is worldwide known the female entrepreneurs are better creditors in comparison with male and taking into consideration the above aspect we belief that this Credit Union would be developed in very short time and will join the international women organizations.

We have to emphasize that, the credit unions consisting by women founders and their associations are existed in many countries. For example, â€œOttowa women credit unionâ€ in Canada, â€œGhana women Credit Unionâ€ in Ghana Republic, â€œWomen’s Association of Credit Union Leadersâ€.

Azerbaijan Credit Unions Association (AKIA) and â€œThe World of Womanâ€ Public Organizations supported the establishment of the "Woman World" Credit Union.
This is to inform that the â€œThe World of Womanâ€ Public Organization was founded in 2002 and its main aim is social assistance to vulnerable population such as: refugees, internally displaced persons, disabled women, orphans, victims of war families, youth in social needs. At the same time the organization is helping to above mentioned people in legal, advocacy, social and financial aspects, help in development of their roles in involvement of them into entrepreneurship activity, skills training, educational projects, etc.

Founded as Public Organization in 2003, the Azerbaijan Credit Unions Association (AKÄ°A) currently unites 77 of 87 credit unions operating in Azerbaijan. The mission of AKÄ°A that was found as an NGO in 2003, is promoting of expansion of credit union network both regionally and internationally, assistance in foundation of new CUs, holding of trainings for CU members to improve the quality of these non-banking organizations, establishing of relations between CUs and donor organizations, protection of CU rights and lobbying of legislation related to CU operation, etc.AKÄ°A is a member of such authoritative international organizations as the World Council of Credit Unions (WOCCU), the Association of Asian Confederation of Credit Unions (ACCU), the World Association of Non-governmental Organizations (WANGO), the Microfinance Centre (MFC).