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AqroInvest strength control by new strong staff
This year AqroInvest hired new staff members to key positions. These people are former professionals from well-known organizations like FINCA and other large banks. New position, Credit Specialist, was issued to check loan documents between credit committee and management board.

This position is independent and was created to make sure that loan assessment was done according to procedures.

Audit Mission Completed
In January, 2016, Kapital Karden, Independent Audit Company, completing audit process and will issue the Final report in the end of January.

Report will be available upon request. Kapital Karden already did audit inspection for FY 2013.

Staff Assessment - 2015
Every year AqroInvest conducts three level staff assessment based on self-assessment by employee, by manager and by CEO. This helps to motivate employees to make self-assessment and understand their own responsibilities.

According to this assessment, employees will continue work in AqroInvest or quit as well as salaries will be reviewed.

KIVA visiting AqroInvest
In October 27-28, 2015, KIVA`s new Regional Director - Kathy Guis, and, Portfolio Manager- Kendra Thorogood visited AqroInvest and spent full two days in Baku main office.

The purpose of the trip was a due diligence process in order to get acquaintance with operations and processes as well as with recent developments and improvements within organization.

AqroInvest Takes Part in International Level Events
In November, 2015 CEO of AqroInvest, Mr. Ayyub Ahmadov and International Relations Manager, Tamilla Amirbayova, participated in MFC annual conference. The conference was dedicated to role of microfinance for youth, their employment and for investment.

During this conference AqroInvest got acquainted with main topics, participated in different sessions related to solve problems in microfinance sector as well as met potential and current partners.

New Investments from SKMF
AqroInvest`s main direction since the beginning is to support and contribute into agricultural sector of Azerbaijan country. Ministry of Economic Development National Fund for Entrepreneurship Support (SKMF) was a great partner and invests to this sector through AqroInvest.

Every year farmers from Imishli city and Bilasuvar IDP Settlement gets financial support with very low interest rate.

On July, 2014 Aqroinvest CU passed social and financial raiting by Italian company Microfinanza Raiting.

According to this the raiting company made analysis of Aqroinvest CU's activity during September-October 2014.

The results of raitng report were recieved by the end of October 2014.

According to the signed contract in July ,2014 between Canada's company MCE Social Capital and Aqroinvest CU, the MCE Social Capital allocated second tranche of funds to Aqroinvest CU.

As is known Aqroinvest CU and MCE Social Capital cooperate for a long time.

On October 9, 2014 The CEO of Aqroinvest CU Ayyub Akhmadov participated at Azerbaijan - Macedonia's Business Meeting.

On September 2014 there vere some changes in structure of Aqroinvest CU. Thus Rovshan Mamamdov was appointed as Chief Financial Officer of Aqroinvest CU.

Mr. Akhmadov worked as a Financial Manager at Non-Bank Credit Organization "AzeriStar Microfinance" and has a high experience in microfinancial sector. Additionally the Agdash branch started its activity under control of new well expirienced Branch Manager Anar Hikmatlee.

AqroinvestCU still continues its marketing policy. Thus we can see the results of this policy in some branches cof Credit Union.

E.g. there were made some changes according to this policy in Agdash, Baku, Imishli and Sabirabad branches.

On October 19, 2014 The HR Manacer's Assistant of Aqroinvest CU Gulnara Calilova participatd at AMFA's Social Performance Management (USSPM) project.

The objectives of this Practical Workshop were the next: Exchange of achievements / improvements during the project implementation; introducing real practices of the PPIs on the 2 Universal Standards; discussion of what can be improved by other PPIs.

On October 02, 2014 The CEO of Aqroinvest CU Ayyub Akhmadov was invited to the business forum called "Corporate governance -as a key factor for sustainable development and access to finance".

The forum was conducted by International Finance Corporation (IFC) and Bank Training Center. During the forum Mr. Akhmadov met with local partners and they discussed coorperation with Aqroinvest CU.

As is known the first foreign partner of Aqroinvest CU was USA's company KIVA and every year KIVA sends to Aqroinvest CU KIVA fellow in order to expand partnership. This year Aqroinvest get acquainted with great pleasure with KIVA fellow Vincent Main.

During his residence in Azerbaijan Mr. Main will familiarize with activity of Aqroinvest CU and and analyze implementention of new product in order to strengthen cooperation between KIVA and Aqroinvest CU.

On October 2014 Aqroinvest CU plans to allocate funds üith favorable conditions to Agdash and Sabirabad enterpreneurs via The National Fund for Entrepreneurship Support.

Additionally the CU will allocate funds to enterpeneurs of Binaqadi district via The National Fund for Entrepreneurship Support.

On October 09-10 Azerbaijan MicroFinancial Association held 7th Micro-finance Conference called "Innovative practices in support of the financial scale: a case study ".The CEO of Aqroinvest CU Ayyub Akhmadov and Social Performance Manacer Tamilla Amirbayova participated at this confrance. During the confrance they met with local and foreign partners and discussed future coorperation.

On October 16, 2014 the Microfinance Consultant of Asia Bank Nina Nayar visited Aqroinvest CU and had a meeting with CEO of Aqroinvest CU Ayyub Akhmadov and Social Performance Manacer Tamilla Amirbayova.The main objective of this meeting was future coorpration of Aqroinvest with Asia Bank and development of partnership.

The CEO of Aqroinvest CU Ayyub Akhmadov was invited to the “4th Global Islamic Microfinance Forum” by AlHuda CIBE. Alhuda CIBE is an well established name in Islamic Banking industry, working for Advisory, Consulting and Capacity Building services for the development of the Islamic Banking and Finance sector.

The forum was held on 1st October, 2014 at Dusit Thani Hotel, Dubai – U.A.E, along with “Post Event Training Workshop on Shariah and Marketing Techniques of Microfinance” dated November 03-04, 2014.

The Investment Analyst of Symbiotics Research & Analysis Lucretia Landmann visited Aqroinvest credit union on May 14, 2014. During three-day trip to Baku she met with the CEO of Aqroinvest CU Ayyub Ahmadov and conducted a survey of the staff of main office. Lucretia also visited regional office and Imishlee branch and acquainted with their activity.

The Investment Analyst of Symbiotics Research & Analysis Lucretia Landmann visited Aqroinvest credit union on May 14, 2014. During three-day trip to Baku she met with the CEO of Aqroinvest CU Ayyub Ahmadov and conducted a survey of the staff of main office. Lucretia also visited regional office and Imishlee branch and acquainted with their activity.

The Internal Control and Social Performance Manager of Aqroinvest CU Tamilla Amirbayova participated at “ Client Protection Principles “ cources in May 19, 2014. These cources were organized by Azerbaijan Microfinance Association (AMFA) and SMART Campaign. SMART campaign's expert Sergio Guzman and MFC expert Kinga Dabrowska focused on “Appropriate product design and delivery” , “Prevention of over-indebtedness” and “Transparency” principles.

The Iternal Audit of Aqroinvest CU Rufat Qarayev and The Internal Control and Social Performance Manager of Aqroinvest CU Tamilla Amirbayova participated at trainings devoted to risks analysis and manegement. This training was orginized by Azerbaijan Risk Professionals Assosiation on May 21-22, 2014.


 
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