MANILA, Philippines - The Association of Development Financial Institutions in Asia and the Pacific (ADFIAP) is continuing to expand its network with the addition of new members while entering into an agreement with a national microfinance institution.
The new members are the International Bank of the Republic of Azerbaijan (IBA) and the National Small Industries Corp. of India Ltd. (NSIC) bringing the total number of ADFIAP members to 110 institutions in 42 countries and territories.
The IBA is the largest bank of the country, was incorporated in 1991 as a fully state-owned bank and is domiciled in the Republic of Azerbaijan. On Oct. 28, 1992, the Bank became a joint stock commercial bank and the Ministry of Finance of the Republic of Azerbaijan became the major shareholder of the Bank.
The NSIC, with an ISO:9001-2008, was established by the Government of India as a public sector company in 1955, to enhance the competitiveness of micro and small enterprises as well as to provide integrated services to the sector such as marketing, credit, technology and other support services.
Meanwhile, ADFIAP signed a memorandum of cooperation with the Azerbaijan Micro Finance Association (AMFA) for a joint partnership to develop and promote training and capacity-building programs, among other activities, on microfinance, financial inclusion and related subjects to enhance their respective members’ professional and business viability and sustainability.
ADFIAP secretary general Octavio B. Peralta said that the cooperation will begin with a modest sharing of information through exchange of newsletters and website updates.
Moving forward, the partnership will include mission exchanges and study tour programs as well as strategic alliances and business networking among ADFIAP and AMFA’s members and partner-organizations.
The AMFA is the focal organization of 27 member microfinance institutions in the country, was created in December 2001.