Azernews.Az

Azerbaijan's PASHA Bank expects to increase concessional financing of business through funds raised from the National Fund for Entrepreneurship Support (NFES) under the Ministry of Economic Development until the end of the year, Member of the Board Shahin Mammadov has said.

"Today, the bank's portfolio constitutes 26 million manats ($33.1 million), it will increase by the end of the year, as we consider new applications from businesses," Mammadov told a press conference on Wednesday.

According to the regulations of the fund, small loans can be issued in the amount of 5,000 to 50,000 manats, while average loans -- from 50,000 to 500,001 manats and large loans amount to 500,001 to 10 million manats.

The total loan portfolio of PASHA Bank increased by 22 percent to 300.33 million manats during the first half of the year compared to 246.77 million manats in late 2011.

PASHA Bank was established in June 2007. The bank, along with Pasha Insurance, PASHA Life, Pasha Travel and Pasha Construction, is included in the Pasha Holding Company, which is actually an investment company, not a typical holding company.

Kapital Bank is also included in the structure of Pasha Group. The Holding owns 99.75 per cent of the shares in Kapital Bank.

Pasha Bank shareholders are PASHA Holding with 60 per cent, ADOR Ltd with 30 per cent and private shareholder Arif Pashayev with 10 per cent.