TODAY.AZ / Business

Credit organizations of Azerbaijan Micro-finance Association to increase agricultural lending

09 April 2020 [11:46] - TODAY.AZ

By Trend

The CLARA system can currently be applied to 50 species of plants and livestock, Azerbaijan Micro-finance Association (AMFA), Trend reports with reference to the association.

The system, adapted to the local market, provides a flexible, standardized and quick assessment of credit risk for customers in the entire agricultural sector of Azerbaijan.

Leading non-bank lending organizations engaged in agricultural lending, such as Aqrarkredit CJSC, ?nki?af üçün Maliyy? LLC, Viator Mikrokredit Az?rbaycan LLC and Qafqaz Kredit LLC have already started using CLARA.

“CLARA is an online software service designed for banks and non-bank credit organizations (NBCOs) lending farmers. CLARA simplifies, increases and accelerates risk assessment for agricultural loans, providing the user with a number of options, such as agricultural liquidity prediction, testing, formation of flexible assumptions and a set of tools for financial analysis,” said AMFA.

According to the report, in accordance with the agreement signed by the Azerbaijan Microfinance Association with the International Finance Corporation (IFC), which is part of the World Bank Group, AMFA’s credit organizations will increase agricultural lending.

In particular, AMFA members will be able to use CLARA IFC, a Cash Flow Assessment Tool that automates risk assessment and the lending process, to provide farmers with easier access to finance.

“Despite the creating possibilities for using this tool, IFC organizes workshops for NBCOs that join CLARA to make better use of the tool. AMFA's subsidiary, Finance and Social Innovation Consulting LLC, provides technical support to NBCOs. Given that microfinance organizations in Azerbaijan need deeper knowledge in the field of agricultural lending, CLARA will help improve the access of micro and small agribusinesses to financing,” the association said.

URL: http://www.today.az/news/business/192783.html

Print version

Views: 950

Connect with us. Get latest news and updates.

Recommend news to friend

  • Your name:
  • Your e-mail:
  • Friend's name:
  • Friend's e-mail: