BAKU, Azerbaijan, Oct. 15
By Maryana Akhmedova – Trend:
Georgian microfinance sector will return to the level before the COVID-19 pandemic in 2022, if the economic recovery continues at the current pace, Archil Bakuradze, the Chairman of the Supervisory Board of the "Crystal" microfinance organization, said, Trend reports via Georgian media.
The microfinance sector, like the banking sector, has shown good results over the first 9 months of 2021, which is a prerequisite for positive results by the end of the year, Archil Bakuradze said.
"Georgian economy and most sectors are beginning to revive. The microfinance sector shows a positive trend in terms of both growth and profitability," he said.
The possibility of predicting a positive scenario is also provided by the recently reduced debts, said Bakuradze.
"The reduced debt reserves had a positive impact on profitability. The same trend should continue until the end of 2021, and if nothing changes, Georgia's microfinance sector should rebound back to pre-coronavirus levels," he said.
Georgian microfinance sector ended the first 6 months of 2021 with a profit of 58 million Georgian lari ($18.3 million). The sector also received 155 million Georgian lari ($49.1 million) in interest income.
Meanwhile, the sector's profit was 45 million Georgian lari ($14.2 million) in 2020, compared to a minimum profit of 112,000 Georgian lari ($35,479) in 2019.
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