PASHA BANK AND INCOFIN:
NEW PARTNER INVESTORS OF VIATOR
Reaching to thousands small and micro-entrepreneurs in Azerbaijan particularly in the regions will always be the topmost priority of Viator. With the envisioned of the company to grow and develop, higher but realistic targets are set and planned for the future development of the organization. Growth of the company includes increase of number of clients and increase of Portfolio. In order to reach these targets Viator needs partners who will invest and be of partner of the company to realize future and organizational direction. For the past few years Viator Microcredit has cooperated with different international investment companies such Symbiotics, Grameen, ResponsAbility and always Viator met their expectations.
This year 2013 two new and additional partner investors started their cooperation with Viator Microcredit: PASHA BANK and INCOFIN Investment Management. These two companies have recently become Viator’s lenders.
“PASHA Bank” is one of the largest banks of Azerbaijan. “PASHA Bank” OJSC which is part of “PASHA” group of companies was organized in June 2007 and is operating under the license dated 28 November 2007 No 250 issued by the Central Bank of the Republic of Azerbaijan. This year on 25th of July Viator was able to get 1,000,000 AZN from Pasha Bank. That means we were able to disburse these money to branches in order for them to give loans to new clients. That creates the possibility for the company to increase the number of active clients and other targets of the branches.
Another recent partner is Incofin Investment Management which manages funds that invest in microfinance institutions (MFIs) in developing countries. Incofin IM also explores the possibilities for direct investments in companies and develops new products to suit the development of their needs. The company will disburse to Viator Microcredit 1,000,000 USD by November, 2013. It is a big success for Viator to be able to get credits and cooperate with these two big companies. It is an indicator of Viator’s responsibility towards its vision and mission. Aside from this, Incofin committed 18,750 euro for Technical assistance or Training for Viator.
This year Viator has increased and renewed its credit loans from previous existing lenders. According to the information from the Finance Department, Viator has got 1,300,000 AZN in May, 2013 from Grameen; additional $900,000 are coming from Concap (Viator has got $1,000,000 in October, 2012); 3,450,000 AZN from Symbiotics (August, 2013); ResponsAbility has lend Viator $600,000 in July, 2013.
All these initiative of Viator Microcredit as Microfinance organizations is to meet the expectations of the clients and to provide positive impact to their lives through implementation of responsible micro-credit program.