The active credit portfolio of the non-bank credit organization LLC Finance for Development in January-August this year increased by $ 2.99 million or 25% to $ 15.17 million.
Assets of the company for the period increased $ 3.9 million or 31.7% to $ 16.58 million and the total number of customers increased 15% to 10.15 thousand people.
The share of problem loans in the portfolio company decreased 0.35 percentage points to 1.50%. 29.35% of the borrowers are women (by 1.8 percentage points less than it was at the end of last year).
The non-bank credit institution of Azerbaijan Finance for Development was established in Azerbaijan in 1997, the humanitarian organization Oxfam. The activity aims to FINCA lending production of agricultural products (livestock, poultry, fish farming, bee-keeping, etc.). The organization provides loans of up to 5 100 thousand 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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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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