Adil is a 48-year-old man who sells milk and yoghurt, and also breeds cattle for meat purposes. He has four years of experience in this field. Adil is an IDP (internally displaced person) and lives in Bilasuvar IDP Settlement with his wife and two sons. He usually buys small cattle, raises and fattens them and resells for more profitable price in the local bazaar. Meat and milk products are very popular in Azerbaijan and people use them in everyday cuisine. His monthly income is 200 AZN. Now he would like to increase his profit and purchase more animals. For this purpose, he applied for a loan of 1500 AZN. He will use the loan to purchase one milk cow and two calves. This will be Adil’s third 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.