ASM Annual Board meeting and retreat was
conducted on November 2, 2007 in Guba. The agenda of the Board
meeting was the replacement of the resigned member, discussion
of minutes/action points from the previous meeting and update
on funding situation, rating report and the business plan as well
as approval of proposed write offs.
The purpose of the retreat was to identify board
rules, general assessment of the current board practices to identify
areas needing improvement.
ASM received its first loan from Triple Jump.
The agreement was signed between Triple Jump and Azeri Star Microfinance
LLC on July 2007. According to the loan agreement Triple Jump
is going to issue a loan of the equivalent of 300.000 Euro in
Azeri Manat (three hundred thousand euro in AZN), in favor of
Azeri Star Microfinance. The purpose of the Loan will be to finance
the expansion of the ASM's loan portfolio.
In Barda, Ganja and Goychay branches, Azeri Star Microfinance
has reached over 6,000 borrowers through solidarity group loans
with more than $2,300,000 outstanding loan portfolio. About 68%
of active borrowers are female microentrepreneurs. Since 2002,
the repayment rate is above 95%