OREANDA-NEWS. June 17, 2010. The Company informs that the leading leasing company in Azerbaijan - Joint Leasing Company activates in the car leasing market. The company launched a new car leasing program and allocated AZN 2 million to fund car leasing, the company reported.

“Under the car leasing terms, the annual interest rate will reach 19-20 percent with the primary contribution of 20 percent and for a term of 36 months. The maximum price for car leasing is not limited, allowing to use the company’s services not only for those who prefer a mid-range cars, but car enthusiasts - fans of prestigious brands,” the company reported.

Under the program, no restrictions and lessees implemented in terms of customers nationality and place of residence. Leasing is issued to both residents of Azerbaijan and foreigners regardless of place of residence.

"Raising this amount is only the beginning of the company’s revitalization in this direction and in terms of capacity of leasing portfolio. We therefore invite all car dealers to cooperate on mutually beneficial terms," Company Director General Elchin Ahmedov said. He said exclusive partners will be offered more attractive terms of financing.

The company’s lease portfolio amounted to 28.6 million manat as of June 1, 2010. During the report period, the company allocated AZN 35 million to equipment and signed 184 contracts. The company’s assets totaled more than AZN 30 million.

Joint Leasing Company has started to reduce the size of the leasing portfolio since 2009.

 “This objective decrease in the leasing portfolio was undertaken given the real financial situation and the state of affairs in the field of entrepreneurship. A timely decision on the closure of major projects was made to recover the portfolio. Joint Leasing is one of the few leasing companies in Azerbaijan, which is active in financing the real sector despite the global financial crisis, thus confirming not only its leading position, but, above all, the stability of the company. Today, Joint Leasing launches reverse process by increasing the amount of financing and leasing portfolio in view of increased business in the country,” it was informed.

One of the two founders of the company, the International Bank of Azerbaijan (IBA), acts as the main source of financing for the company’s leasing operations. In addition, the company actively cooperates with international financial funds to attract new financial resources and already has some achievements in this regard. The company plans to enter into specific agreements on this issue by late 2010.

Joint Leasing Company operates in the country since June 14, 2007 as the legal successor of the company Azerilizing. The founders of the company’s are the British company Dolphin Leasing (52.3 percent) and IBA. Authorized capital currently stands at AZN 700,000. The first Azerbaijani leasing company oAzerilizing joint venture was established in 1999.