Nadir is 33, married with two sons. He has six years of experience in cattle breeding. He usually buys small calves, fattens them and sells for meat purposes in next 5-6 months. His monthly income is 300 AZN. Meat is in very high demand in Azerbiajan, and people here use meat in everyday cuisine. Nadir applied for 1300 AZN to purchase four calves and fodder. This will be his 2nd loan and he has a good credit history.
Aqroinvest Credit Union was founded in 2001 by a group of 32 farmers from Imishli. It has since grown to become the largest credit union in Azerbaijan, owned by its more than 5,400 borrowers and boasting a portfolio of nearly US$12 million.
AqroInvest is focused on providing loans to the following groups of people: rural farmers, people living in distant southern villages with little or no access to finance and internally displaced people and refugees, many of whom lost their homes and livelihoods during the violent conflicts in the 1990s.
In May 2011, Aqroinvest started a new project with Kiva proving higher education loans to students. The project gives students the support and financing they need to continue their education and helps pay for tuition fees at various universities in Azerbaijan. Aqroinvest is the first credit union in the country to offer students loans.