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FINCA Azerbaijan gets 51% rise in loan portfolio

28 January 2009 13:15 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. As of January 1, FINCA Azerbaijan, a non-bank lending institution of Azerbaijan, posted its portfolio at $66.731 million, up 51% on a year ago.
The companyâ€™s coordinator Zaur Nurmammadov said $33.994went to customers in groups and AZN 32.738 million to customers individually.
The rise was 49% in loan portfolio for customers in groups and 52.5% in loan portfolio for individuals, compared to a year earlier.
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 13% over the past year to 83 817.
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 January 1, the paid-in capital stood at $5 000.