
Finance for Development expanded portfolio by 73.4 %
The active loan portfolio of the non-bank credit organization LLC Finance for Development in January-October of this year increased by $ 10.75 million or 73.4% to $ 25.46 million.
The assets of the company during the reporting period increased by $ 8.65 million or 45.6 % to $ 27.61 million and the total number of its customers increased by 8.2 % to 11,456 persons.
The share of problem loans in the portfolio decreased by 0.12 percentage points to 0.38%. 20.94% of the borrowers are women (at 7.73 percentage points less than it was at the end of last year).
For the all-time activities in the financial market, the company has issued loans totaling $ 99.98 million.
The Azerbaijani non-bank credit organization (NBCO) Finance for Development started its operations in Azerbaijan in 1997 due to the international humanitarian organization Oxfam. The NBCO activities are aimed at lending the production of agricultural products (livestock, poultry, fish farming , bee-keeping, etc.). The organization provides loans from 100 to 5,000 manat at a monthly interest rate of 2.25% -3% for up to 18 months, both individually and in the form of groups. -15B-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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