Agroinvest Credit Union (CU) of Azerbaijan has been established according to permanent license of the National Bank of Azerbaijan dated from 2001.

The CU targets to become one of the leading enterprises in the Republic in the area of microfinancing of indigent families and local enterpreneurs and creation of new work-places.

Agroinvest CU's acitivity scope mainly covers southern provinces of Azerbaijan through opening its offices in refugee and internally displaced people camps in Imishli, Sabirabad, Saatli, Bilasuvar and Lenkoran.

Senior Banker, Head of Office Francis Delaey, European Bank of Reconstruction  and Development met with members of Bilasuvar city

On September 26,2008 Planet Finance approved 200.000 USD loan for Aqroinvest CU.

Senior Banker, Head of Office Francis Delaey, European Bank of Reconstruction and Development visited our central office in Imishli region on July 10, 2008.

"Agroinvest" KU news:

Fourth edition

"Agroinvest" KU news:

Third edition

On June 25, 2008 Blue Orchard approved 100000 USD loan for Aqroinvest

"Agroinvest" CU received “B” from MicroFinanza rating in May 2008

On April 4th Lloyd C Stevens Vice President of Deutsche Bank  Global Social Investments met with Aqroinvest CEO Ayyub Akhmadov. On this meeting were discussed cooperation with Deutsche Bank and Aqroinvest and conditions of loan which Aqroinvest could receive after providing to Deutsche Bank initial rating report. Jhale Hajiyeva Executive Director of Azerbaijan Microfinance Association (AMFA) supported Aqroinvest and took an active part during this meeting.

Aqroinvest is very excited to share with you that on April 30, 2008  received second tranche of 100 000 USD from Oikocredit.
On April 12 Mariangela Pensa, Global Credit Manager in Oikocredit spent whole one day with due diligence in our six branches and met with several clients. During our last meeting in Baku office on April 15 Mariangela noted our outstanding work and shared with development that she saw in our institution since their last visit in August. As Mariangela were first time in our organization she was impressed how our loans helps internally displaced people and rural poor, to create new private businesses. I would like to bring for your kind attention that first tranche of 100 000 USD we received on March 29th, 2008

During April 14-23 through Oikocredit line, Corporate Connect conducted social research study  of Aqroinvest using four different methodologies Cerise, SROI, DOTS and New Profit Balanced Scorecard. Marjan Jansen spend nine days studying Aqroinvest background, vision, mission, goals and financial data, went to the branches and met with several clients. The results of this study seem to give a fairly good insight in the social performance of Aqroinvest, it must be pointed out clearly that this is a pilot study with the objective to get more insight in the difference between the different methods to measure social performance.

Aqroinvest completed its external report for 2007. Report consist of Audit Statement, Balance Sheet and Audit Opinion. Audit was conducted by Chamber of Audits of Azerbaijan Republic.

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Jonathan Buser, KIVA Fellow have been in Aqroinvest for three month. During his being in credit union he had several trips to clients and visited more than 50 clients. Jonathan helped a lot to update information of clients that already received loans form KIVA and made videos of livestock purchasing process in Imishli bazaar.  This multimedia approach to telling the story of Aqroinvest is valuable to current and potential KIVA lenders. Next year Aqroinvest expecting to meet new KIVA Fellow.

On December 27 Small and Medium Enterprise Financial Specialist, Paul Hamlin (ACDI/VOCA) and Ayyub Akhmadov (Aqroinvest CEO) signed memorandum of Mutual Comprehension

Memorandum

On September 3, 2007 Micro Finance Center (MFC), Poland Warsaw, Executive director, Grzegorz Galusek and his deputy Kasia Pawlack visited Aqroinvest office in Baku.

Aqroinvest is in partnership with international KIVA fund, US since April 2007. Now according to application forms of Aqroinvest clients, published on the KIVA website, our clients can get credits and successfully implement their small businesses.

Aqroinvest CU preparing to get rating by the end of the 2007. To achieve the goal Aqroinvest actively participated in Azerbaijan Rating Conference in June 2007 and already agreed contract with “Microfinanza Rating Srl” Italy in May 2007.

On June 27, Aqroinvest Credit Union opened a branch in Fatalikend village, Saatli. Alongside with increase of amount of customers and business volumes the requirements towards branch like this may be implemented only through permanent development of branch network. The new branch will offer the full range of different services for small businesses implementing. This is the second representative office in this region. Since the branch was opened, already more than 30 clients applied for credit loan for the first day. People applied for credit form Aqroinvest CU. The opening ceremony opened Executive Director and a main chief of Aqroinvest CU Ayyub Ahmadov.

May 29 - June 2

A.Ahmedov, Chairman of Agroinvest CU's Governing Board attends 10 th Microfinancing Conference in Sofia, Bulgaria

In April by line of ACDI VOCA international adviser Miss Tressy Tiffany was in Agroinvest credit union for 2 weeks.

April 19 - May 5

Agroinvest CU's representative attends Credit Cooperatives Conference held under the aegis of USAID in Massachusets, USA

Agroinvest CU is the only CU in the Caucasus, which is the 4 Diamonds Prize Winner of Mix Market. Details are on the Mix Market's site

http://www.mixmarket.org/