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FROM THE FIELD

More loans help tackle poverty among Azerbaijan’s rural poor
21 Jul 2008 06:09:53 GMT
 Source: World Vision Middle East/Eastern Europe office (MEERO)
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Loans mean more opportunities in education and healthcare for rural children & youth. Archived photo by John Schenk.
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Loans mean more opportunities in education and healthcare for rural children & youth. Archived photo by John Schenk.
World Vision MEERO, http://meero.worldvision.org

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Azerbaijan's rural poor are breaking the bonds of poverty one loan at a time as evidenced in the enormous growth and excellent returns from clients of World Vision's Microfinance Institution (MFI), VisionFund (VF) AzerCredit.

With a loan portfolio of US$10 million, VF AzerCredit is currently the leading (MFI) in the Caucasus region, lending to some 15,000 clients.

This steady upwards trend by VF AzerCredit is bringing much needed financial opportunity to Azerbaijan's poor and marginalised families, 20% of whom are considered very poor according to the World Bank with more than 60% of the population living below the poverty line.

By March 2008, some 13,000 children were impacted and 25,000 jobs created by VF Azercredit. The institution's loan portfolio increased by some 50 percent in 2007 alone, which is well above the global average growth among MFIs.

'The strong growth in outreach is encouraging us, as poverty in Azerbaijan is probably the worst in our region, with 800,000 people displaced by war and 1 in 6 people living in poverty', said Gerlof De Korte, VF Regional Director.

'There is no instant solution but the combined work of World Vision Azerbaijan and AzerCredit gives the rural poor the opportunity to rebuild their communities.

This rapid growth is expected to continue as VF AzerCredit established six new branches in rural areas over 2008', added De Korte.

Integration between World Vision Azerbaijan and VF AzerCredit meant the microfinance institution could offer financial assistance in rural communities that previously received social and economical assistance from World Vision, providing a sustainable continuation of relief and development projects.

This successful integration recently resulted in a VF AzerCredit and World Vision Azerbaijan joint project, financed by World Vision Australia, targeting recipients of food-aid to build up their own livelihoods.

World Vision initiated the first MFI in Azerbaijan in 1995 to support economic growth among families and individuals. VF AzerCredit was established to provide loans to help people take control of their own lives and livelihoods.

VF AzerCredit works in both urban and rural areas of Azerbaijan with emphasis on providing loan opportunities to rural businesses, which would not otherwise have access to the formal banking system. VF AzerCredit serves clients throughout Azerbaijan through operations in 16 branches.

World Vision's combined microfinance clients in the Caucasus region (Georgia, Azerbaijan and Armenia) total more than 32,000 clients with a loan portfolio of US$33.5 million.

-Ends-

For more information about microfinance and how it underpins community development programming click here: http://meero.worldvision.org/sf_loanstobreakpoverty.php


[ Any views expressed in this article are those of the writer and not of Reuters. ]

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[ Any views expressed in this article are those of the writer and not of Reuters. ]

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