Azerbaijan, Baku, July 16 / Trend A. Akhundov/
The non-bank credit organizations have already mastered approximately 20 percent of funds allocated for microfinance by Azerbaijani Pasha Bank, Pasha Bank Chairman of Board Farid Akhundov told journalists today.
The non-bank credit organizations will be mediators for the bank's participation in the microfinance. The total fond of the program hits 10 million manat. The amount of one loan that is allocated for the period up to three years varies from 100,000-150,000 manat to 1 million manat.
:"Five microfinance organizations have already got the funds," Akhundov said. "Currently we are working out the ways of their using with Azerbaijan Microfinance Association."
According to him, one part of this fond will be used this year, another-next year.
Pasha Bank was founded in June 2007. It operates under the Azerbaijani Central Bank's license No 250 as of November 28, 2007. The main goal of the bank is to strengthen the leadership in rendering services to the corporate clients, qualitative business growth in priority directions determined by the strategy, as well as to create and permanently develop the long-term and reliable relations.
Pasha Bank, alongside with Pasha Insurance, PASHA Life, Pasha Travel и Pasha Construction is included in PASHA Holding, which is an investment company, rather than a classical holding. Pasha Group also includes Kapital Bank, where the holding owns 99.75 percent of assets.
The share distribution in the structure of the bank shareholders is as following: PASHA Holding holds 60 percent of assets, ADOR ltd company - 30 percent, Arif Pashayev - 10 percent.
The official exchange rate is 0.7844 AZN/USD on July 16.
