Source: Trend Capital
Article available here.
The Microfinance Bank of Azerbaijan (MFBA) has launched a loan product for people whose business is related to agriculture. The new product is basically assigned for farmers and farm workers. The project has been worked on for quite a long period and the MFBA has already started disbursing loans in the regional branches in Sheki and Lenkoran.
Dr. Andrew Pospielovsky, the MFBA’s General Manager says, “We are very glad to have provided better chances to ordinary people in order for them to make their business better. This is another step taken by the MFBA trying to help ordinary people living in different villages in Azerbaijan. The new product enables people to develop their business with loans taken in suitable terms. The program was worked out by foreign specialists and includes agro-credits and agro-deposits by means of which it is possible to promote trade and to increase profit respectively. The MFBA keeps on supporting the development of the non-oil sector in Azerbaijan.”
“We present a new range of financial products addressed to customers engaged in the agricultural business and living in rural areas. The main product is an agricultural credit with a 3% monthly interest rate and special lending conditions including maturity, grace period, etc. taking into consideration the specifics of agricultural businesses. Within the framework of the agricultural deposit program, people can deposit money with the initial amount of AZN/USD/EURO 50.”
The Project Manager, Sebastian Faryniarz said, “Our main objective is to provide this group of clients with financial services corresponding to their needs. Our work is carried out under technical assistance of the German Development Bank KfW, to whom I would like to express my gratitude for supporting this project,” he added.
The Microfinance Bank of Azerbaijan is 100% foreign owned by six shareholders: the European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank – the German Development Bank of the German Government, and LFS Financial Systems GmbH – a German consulting company, as well as AccessHolding – a strategic investor in microfinance.
Similar Posts:
- MICROCAPITAL BRIEF: African Fintech Nala Expands Remittance Service to EU, Launches Business Platform
- MICROCAPITAL BRIEF: EIB Lending $22m to Sahanala to Boost Sustainable Fisheries, Agricultural Value Chains, Mechanization of Farms in Madagascar
- MICROCAPITAL BRIEF: Semaai Raises Equity from Accion, XA Network, Beenext, Surge for Technology Supporting Farmers, Agricultural MSMEs in Indonesia
- MICROCAPITAL BRIEF: Enabling Qapital Loans $10m to AccessBank for Microfinance, SME Lending in Azerbaijan
- MICROFINANCE PAPER WRAP-UP: “Financial Inclusion That Works for Women,” by Sam Mendelson, Published by e-MFP
