The active loan portfolio of non-bank credit organization, LLC Finca Azerbaijan increased during the first 9 months of this year by $ 37.92 million or 25 % to $ 190.49 million. In the portfolio the share of microcredits was 99.3%.
Assets of the company increased by $ 46.2 million, or 27.7 %, reaching on October 1, 2013 level of $ 213.06 million. Total number of customers increased during the reporting period by 7.7 % to 147.53 thousand persons.
The share of problem loans in the total loan portfolio compared with the beginning of the year increased by 0.01 percentage points to 0.20 %, and the share of these loans in the micro-credits - by 0.05 percentage points up to 0.20 %.
Totally the company has issued loans totaling $ 818.94 mln, including micro-credits totaling $ 787.99 mln.
Finca Azerbaijan was established in 1998. It is part of the international network of microfinance Finca International. The company provides loans for a period of 4 to 24 months. The loan amount varies from $ 50 to $ 100 000. The interest rate on the loans varies in the range of 21-36 %. -15B-
Economics
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Azerbaijan has introduced new rules to simplify the leasing of agricultural land on liberated territories, aiming to attract investments and enhance agricultural productivity, according to a presidential decree issued on November 27, 2024.
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The Asian Development Bank (ADB) allocated $10.5 million to support the retail sector in Azerbaijan, marking another step in its ongoing support for the country’s economic modernization. These investments align with Azerbaijan's broader ambitions to diversify its economy and strengthen small and medium-sized enterprises (SMEs), which are key pillars of sustainable growth.
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At today’s session of the Milli Majlis, Azerbaijan’s parliamentarians discussed and approved in the first reading a draft law increasing the minimum subsistence level for 2025. The updated figures reflect a modest rise of 10 manats, setting the nationwide living wage at 285 manats. For specific demographics, the levels are 305 manats for the working population, 232 manats for pensioners, and 246 manats for children. The same session also approved the criterion of need at 285 manats for the coming year, aligning it with the national living wage.
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This year, the plans of the Australian holding Fortescue Future Industries (FFI) for developing "green" projects in Azerbaijan have been adjusted, though negotiations initiated two years ago are ongoing, an informed source told Turan.
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