Azerbaijan Micro Finance Bank's loan portfolio tripled

Feb 2007
Azerbaijan , February, 02 2007 - Azerbaijan Micro Finance Bank trebled its loan portfolio to US $47.6mln at early January, 2007.

Bank's Head Office told the Azeri-Press Infomasiya Agentliyi that its loan customers rose to 16,300 from 5,400 during 2006.

40,000 loans worth $115mln were lent during the bank's four year activity, average loan is $3,000.

The assets more than doubled to AZN 55.6mln, branches reached 10 in number.

Asian Development Bank, Triodos Fund, Oikocredit, Global Microfinance Facility and other international organizations opened a credit line of $14.5mln in total on-lending to micro, small and medium-size enterprises.

Azerbaijan Micro Finance Bank is owned by five shareholders: the European Bank for Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank and LFS Financial Systems GmbH.

Source :

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