Reduced Assets of JSC Agrarkredit

On January 1, the assets of Agrarkredit decreased by 700 thousand manat or 2.3% (at the beginning of last year it was 31 million AZN and by the end of the year it was 30.3 million AZN).

According to the non-banking institution, its loan portfolio is 26.5 million manat (an increase of 35.9%) in the shareholders' equity of 13.9 million AZN. The total income measured 5 million 508.6 thousand manat, and the pretax profit was 238.8 thousand manat.

Agrarkredit issued 3,812 loans totaling 14.3 million manat in rural lending from its own funds, including AZN 9.3 million for the development of livestock production, AZN 4 million for trade and services, and etc.

There were loans also through the National Fund for Entrepreneurship Support (NFES) - 470 local businesses on the periphery received 4.1 million manat. In the framework of the project Development of North-East funded by IFAD and the project North-Western Rural Development, 561 entrepreneur and a group of borrowers received 2.6 million manat.

Agrarkredit is the largest micro-finance organization in the country. It received the license to operate on 30 December 2003. Its shareholders are the Ministry of Finance, State Insurance Company Azersigorta and JSC Irrigation and Water Management. --17D-