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FINCA-Azerbaijan gets 50% rise in loan portfolio

10 October 2008 15:02 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of October 1, FINCA Azerbaijan, a non-bank lending institution of Azerbaijan, posted its portfolio at $66.360 million, up 50% on January 1.
The companyâ€™s coordinator Zaur Nurmammadov said $33.481 went to customers in groups and AZN 32.879 million to customers individually.
The rise was 46.7% for loan portfolio for customers in groups and 53.2% for loan portfolio for individuals, compared to January 1.
The loans are available for union groups at 2.5-3% monthly, rural community groups at 3.5% monthly and individuals at 2-3%. The number of customers rose 14.6% during January-September to 85 133.
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.