Active loan portfolio of non-bank credit organizations, LLC "Finance for Development" in January and April of this year increased by $ 3.17 million or 21.5% to $ 17.88 million
The assets of the company for the period increased by $ 830,000, or 4.3%, to $ 19.79 million total number of customers decreased by 2.3% to 10.38 million persons.
The share of problem loans in the portfolios of the Company increased by 0.31 percentage points and totaled 0.81%. Among borrowers 20.57% were women (by 8.03 percentage points less than it was at the end of last year.)
Non-bank credit institution of Azerbaijan "Finance for Development" started its activity in Azerbaijan in 1997, the humanitarian organization Oxfam. The activity of "Finance for Development" is aimed at lending production of agricultural products (livestock, poultry farming, fish farming, bee-keeping, etc.) The organization provides loans from 100 up to 5,000 manat at a monthly interest rate of 2.25% to 3% for up to 18 months, both individually, and in the form of groups. --15B-
Economics
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According to data released by the State Statistics Committee, Azerbaijan’s agricultural sector achieved slight production growth in the first eight months of 2024. The total volume of agricultural production reached 8.723 billion manats, which is 0.8% higher than during the same period last year. However, this growth occurs against a backdrop of increasing food imports, despite significant government subsidies aimed at supporting domestic agriculture.
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Azerbaijan has unveiled strong fiscal indicators for the first eight months of the current year, reporting a state budget surplus that underscores the country’s economic resilience amidst global uncertainties. According to operational data released by the Ministry of Finance, state budget revenues from January to August 2024 reached 25 billion 223.4 million manats, while expenditures amounted to 22 billion 362.4 million manats.
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Azerbaijan has made significant progress in diversifying its energy balance, with renewable sources playing an increasingly important role in the country's electricity production. Operational data for January-August 2024 show that total electricity generation reached 19,235.4 million kilowatt-hours (kWh), marking a noticeable shift towards greener energy.
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Bilateral relations between Azerbaijan and Russia are accelerating, particularly in the agricultural sector, as Deputy Prime Minister Shahin Mustafayev and Russia’s Minister of Agriculture Oksana Lut underscored during their high-level meeting on September 13 in Baku.
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