Azerbaijan: New partners in microfinance
Earlier this year, Habitat for Humanity added a new partnership country: Azerbaijan.
Habitat has launched a microfinance program with the local institution AzerCredit. This new partnership offers housing finance loans for low-income families to fund small renovations and repairs. Credit can be combined with technical assistance from construction specialists who advise families on the work process, help identify needs and create budgets.
In the first quarter of 2013, Habitat’s partnerships disbursed 5,800 housing microloans in Europe and Central Asia, compared to 2,020 during the previous quarter and 1,076 loans during the same quarter a year ago. This increase is mainly driven by the new partnership with AzerCredit, which is responsible for the majority of increase.
The Republic of Azerbaijan is the largest country in the Caucasus region of Eurasia, located at the crossroads of Western Asia, Russia and Eastern Europe.