Finance for Development Portfolio Expanded by 61.1 %
The active loan portfolio of non-bank credit organization LLC "Finance for Development" in January-September this year increased by $ 9 million or 61.1% to $ 23.71 million
Assets of the company during the reporting period increased $ 6.72 million or 35.5 % to $ 25.68 million and the total number of customers increased 4.7% to 11,117 people.
The share of problem loans in the portfolios of the company decreased 0.20 percentage points to 0.30%. 20.80 % of borrowers were women (7.87 percentage points less than it was at the end of last year).
The non-bank credit organization of Azerbaijan Finance for Development started its operations in Azerbaijan in 1997, the international humanitarian organization Oxfam. FINCA activities aimed at lending the 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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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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