March 10, 2008

CredAgro Wins National Award

CredAgro received the impressive 2007 Ugur Award for its “contribution to the development of the agriculture sector” at an award ceremony in Baku, Azerbaijan. The Ugur award, meaning “success” in Azerbaijani, is the preeminent national award given by Consulting & Business magazine to individuals and companies for their work in strengthening and developing Azerbaijan’s business sector.

ACDI/VOCA established CredAgro, a nonbank credit institution, in July 2000 with funding from USAID to respond to the lack of capital available to small- and medium-scale farmers in rural Azerbaijan. By the end of the program in 2006, CredAgro had disbursed over $30 million in loans to more than 5,000 clients and generated a combined $1.6 million in gross interest receipts. In addition, the institution maintained an impressive portfolio at risk level of below 1 percent. Since then CredAgro has achieved even more impressive results—in 2006 CredAgro was rated by Microfinanza Rating Agency and received BBB grade, which is the highest grade among all financial institutions in Azerbaijan. At present, CredAgro provides services to more than 27 regions of Azerbaijan, operating 12 branches and 9 offices and offering 8 financial products.

Consulting & Business, which was first published in 1996, began officially recognizing individuals, enterprises and organizations for their economic and business achievements with the Ugur Award in 2000. To select the winner, a panel of experts conducts a competitive selection process that looks at more than 100 companies. In particular, the panel evaluates effectiveness, stable development and social responsibility.

To learn more about ACDI/VOCA’s commitment to sustainability, click here.

To learn more about the Ugur Award, click here.