Asian Development Bank (ADB) has signed a technical assistance agreement with FINCA Azerbaijan within the framework of its private sector operations. According to the agreement, ADB will provide technical assistance worth 400,000 USD to support FINCA Azerbaijan towards further institutional development and capacity building.
“The signing of this technical assistance agreement between the Asian Development Bank and FINCA Azerbaijan is an important milestone in our relationship. This support will help FINCA to continue to support agricultural and rural entrepreneurship in the regions of Azerbaijan outside of Baku and Absheron, where 80% of our clients and operations are located,” said Timothy Tarrant, CEO of FINCA Azerbaijan.
FINCA Azerbaijan anticipates utilizing the technical assistance towards the implementation of a scoring-based decision model to enhance loan decision-making and also for the expansion of previous efforts to add additional loan delivery channels beyond cash desks.
The Asian Development Bank, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region. Azerbaijan has been a member of ADB since 1999.
FINCA Azerbaijan LLC is the leading non-bank microfinance institution in Azerbaijan, operating in the country since 1998 under limited license from the National Bank of Azerbaijan.