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FINCA-Azerbaijan expects 82% rise in loan portfolio

FINCA-Azerbaijan expects 82% rise in loan portfolio

18 September 2008 08:08 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. FINCA Azerbaijan, a non-bank lending institution of Azerbaijan, intends to increase its portfolio by 81.8% to AZN 80 million and clientele by 21.2% to 90 000 during this year.
The companyâ€™s director Jeff Flowers told APA-Economics that it is planned to establish new branches in Merdekan and Bayil Settlements of Baku and near Khalglar Dostlughu Metro Station.
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 August 1, the paid-in capital stood at $5 000.
The loans are available for union groups at 2.5-3% monthly, rural community groups at 3.5% monthly and individuals at 2-3%.

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