Status Update: 5/28/09Normicro shareholders have recently notified Kiva of developments that may have a material impact on Normicro’s operations. As Normicro and its shareholders are working through these issues, they will be paused on the Kiva website and the current Kiva risk rating is under review. Kiva staff will continue to work closely with Normicro and its shareholders in the following months, and we will provide more information, as it becomes available.

Mission: To offer sustainable, demand-driven lending services aimed at enhancing the quality of life of internally displaced peoples (IDPs) and low-income people through promoting viable enterprises.

History and Impact: Normicro was established in 1998 in Baku city, the capital of Azerbaijan. Originally, Normicro was the Income Generating Project of the Norwegian Refugee Council (through the Norwegian Refugee Council IDP Revolving Fund). The main purpose of the project was to support IDPs from Nagorno-Karabakh in establishing/expanding their private businesses in order to help them improve their living conditions, create/sustain jobs for them and family members, and eliminate dependence on humanitarian aid.

In 2002, this fund was formally registered and licensed in Azerbaijan as a non-banking financial institution named Norwegian Microcredit LLC (Normicro). Historically, Normicro conducted its initial activities in Baku in 1998 and expanded into Beylagan in 2000 in order to extend its microfance activities to IDPs and vulnerable locals located in that district. Currently, Normicro has offices in Baku, Beylagan, Khachmaz, Agsu and Sumgayit cities and covers 12 districts of Azerbaijan with competitive microfinance services.

Normicro has established relationships with the World Bank and numerous creditors while borrowing funds to serve thousands of microentrepreneurs throughout Azerbaijan. Today, the number of Normicro clients reachs 4,300 of which 46% are female and 44% are IDPs. Normicro estimates that around 10,000 jobs have been created or sustained from the businesses its has funded since 1998.

In fall 2006, the Norwegian Refugee Council (NRC) decided to leave the country and Normicro's ownership was transfered to Kolibri Kapital, a Norwegian microfinance investor. For additional information on Kolibri Kapital please visit

Normicro recently received a Microfinanza rating and is planning to grow its portfolio to be able to strengthen the depth of its social impact.

Norwegian Microcredit LLC can be contacted directly at

Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Dec 8, 2006 Oct 12, 2005
Total Loans $1,149,925 $1,608,504,470
Amount of raised Inactive loans $0 $614,325
Number of raised Inactive loans 0 675
Amount of Paying Back Loans $0 $165,025,275
Number of Paying Back Loans 0 202,366
Amount of Ended Loans $1,149,925 $1,442,864,870
Number of Ended Loans 1,440 1,907,499
Delinquency Rate 0.00% 17.29%
Amount in Arrears $0 $17,871,105
Outstanding Portfolio $0 $103,340,031
Number of Loans Delinquent 0 75,576
Default Rate 0.00% 1.71%
Amount of Ended Loans Defaulted $0 $24,685,153
Number of Ended Loans Defaulted 0 61,750
Currency Exchange Loss Rate 0.00% 0.40%
Amount of Currency Exchange Loss $0 $7,011,687
Refund Rate 0.56% 0.59%
Amount of Refunded Loans $6,475 $9,486,100
Number of Refunded Loans 7 8,846

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 34.21% 77.44%
Average Loan Size $799 $392
Average Individual Loan Size $799 $600
Average Group Loan Size $0 $1,805
Average number of borrowers per group 0 8
Average GDP per capita (PPP) in local country $10,800 $5,673
Average Loan Size / GDP per capita (PPP) 7.40% 6.91%
Average Time to Fund a Loan 3.11 days 8.07 days
Average Dollars Raised Per Day Per Loan $257.21 $48.58
  Average Loan Term 12.24 months 11.36 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 148 979,392
  Journaling Rate 9.93% 42.24%
  Average Number of Comments Per Journal 0.96 0.03
  Average Number of Recommendations Per Journal 3.92 0.67

Borrowing Cost Comparison (based on 2009 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower N/A 29.00% PY 26.52% PY
  Profitability (return on assets) N/A 4.7% -0.52%
  Average Loan Size (% of per capita income) N/A 27.00% 11.35%

Country Fast Facts

Field Partner Staff

Ai Li Ang
Mark Bulliet