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FINCA-Azerbaijan gets 52% rise in loan portfolio

19 November 2008 12:36 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of November 1, FINCA Azerbaijan, a non-bank lending institution of Azerbaijan, posted its portfolio at $67.234 million, up 52% on January 1.
The companyâ€™s coordinator Zaur Nurmammadov said $33.685 (50.1%) went to customers in groups and AZN 33.549 million to customers individually.
The rise was 47.6% in loan portfolio for customers in groups and 56.2% in 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 15.2% during January-October to 85 542.
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.