FINCA Azerbaijan attracts new credit line

Baku. 19 May. REPORT.AZ/ PROPARCO became FINCA’s newest financial partner, providing a local currency credit line valued at EUR 11.5 million to FINCA Azerbaijan for on-lending to small business owners so they can increase income and create jobs. 

Report was told in thecentral office of "FINCA Azerbaijan" in Baku.

Claude PERIOU, PROPARCO’s Chief Executive Officer, welcomed “this operation, which is fully in line with Proparco’s commitment towards financial inclusion in rural areas and its mandate in Central Asia. By supporting FINCA Azerbaijan, we are contributing to strengthening a player that promotes responsible microfinance.”

This is PROPARCO’s second operation in the microfinance sector in Azerbaijan, where micro, small and medium-sized business is key to developing the non-oil economy. Through this long-term loan, PROPARCO is helping further FINCA Azerbaijan’s strategy to address the local currency financing needs of clients.

“This credit line from PROPARCO will help us expand access to working capital loans for thousands of new and existing clients,” said Tim TARRANT, CEO of FINCA Azerbaijan. “Since it is in Azerbaijani Manat, it will help protect borrowers from currency fluctuations. It also represents further diversification of our funding base, which is good for FINCA as an institution.”