OREANDA-NEWS. April 8, 2008. Azerbaijan Micro Finance Association (AMFA) has launched expansion of its member ranks planned for 2008.

After two new members joined the Association, its ranks now include 24 organizations.

“The AMFA new members became Parabank and Azkreditbank. During this year four more members are likely to enter the Association,” it was reported.

Earlier Parabank participated in Association’s activity. Last December it extended loans for \\$40.35 million and its credit portfolio was \\$25.677 million.

The four new members will be DebutBank, ParaBank, AzCreditBank, Bank Respublika, Bank of Baku and credit union Komek.

AMFA was founded in 2001. Its major mission is to strengthen potential of microfinance organizations in the country and create conditions of joint rational activities within interests of microfinance community.

As of January 1, 2008 quantity of active clients of the AMFA crediting members exceeded 254,800 people, overall active credit portfolio \\$384.1 million and total amount of extended loans \\$895.2 million.