Azerbaijan, Baku / corr. Trend I.Khalilova / The Director General of the Azerbaijani leasing Company, AG Leasing, Azer Mammadov, said that the company is holding negotiations to attract credit lines from international financial institutions. According to him, the amount of loans may total approximately $4-$6 mln.
"Up to now, the company has not attracted foreign credits because the company has been functioning in the leasing market of Azerbaijan for only one and a half years," Mammadov said.
Currently the leasing portfolio of AG Leasing amounts to AZN 2.1 mln and there are plans to increase this to up to AZN 8-10 mln through the attraction additional finance and credit lines. "We diversify the sources of finance and therefore, we will hold negotiations with many investors," Mammadov said.
Due to the high cost of providing leasing services in Azerbaijan, AG Leasing has made practically no changes. The maximum amount for each project totals no more than $500.000.
AG Leasing was created in 2005 by Azerigaz Bank, Hiperion Capital Management (participant shares of each one -30%), American Delta Trans LLC (25%) and British Milio Leasing Limited (15%).