CredAgro conducts business in a highly professional and open manner. The company's philosophy is centered on knowing customers; working with them to help them become successful; making sure they understand how their loans work; and rewarding good repayment track records as established.
Mr. David Sulaberidze has been ACDI/VOCA's Country Representative and Azeri Rural Credit Cooperative Project Director for Azerbaijan since May 2000. He holds a MBA (1995) in Finance and Credit from George Mason University, Virginia, and a BA (1991) in Economics from the Tbilisi State University, Republic of Georgia. He has worked as a Senior Associate for J.B. Grant and Associates, Washington, DC and as an International Trade Specialist with the SABIT Program. David is fluent in English, Russian and Georgian. He will act as the provisional Chairman of the CredAgro Supervisory Council once it is established.
Mr. Eldar Jafarov was appointed as the CredAgro Director in October 2002. He has also served CredAgro as Deputy-Director, Chief Loan Officer, Loan Officer and Business Development Consultant. Eldar has also worked as a Trainer/Company Coordinator for an EU TACIS project, a Financial Manager for the Farm Progress Center, and the Chief loan officer at the Agro-Industrial Bank. He holds a Diploma (1995) in Economics from the Azerbaijan State Institute of Economics, Baku, and is fluent in Azeri, Russian and English.
Ms. Zulfilya Jafarova was appointed Chief Accountant in April 2003 after working as the Chief Accountant at Ulfat, a Joint Stock Commercial Bank and before that, as the Chief Financial Officer at the Trade Union Federation of Azerbaijan. She has a Diploma in Economics and Accounting, which, she received after graduating from the Azerbaijan State Economics University. She is fluent in both the Azeri and Russian languages.
Irshad Israfilov has been Director of Technical Services since October 2001. From 1975-80, he studied applied mathematics at Baku State University and took post-graduate courses in Economic Cybernetics from the Azerbaijan Economics Academy. He worked as Technical Manager at the Azerbaijan Branch of AGN International and as Chief of the Computer Department for a firm that makes machinery for Azerbaijan's petroleum industry. He speaks Russian, Azeri, and English.
Fuad Mammadov. Since July 2001, Fuad has worked as CredAgro's Legal Advisor. Before that he was Legal Advisor for the Azerbaijan National Bank and before that, he worked as a Lawyer for the Azerbaijan State Property Committee. He has also worked as a Consultant and Legal Advisor for private enterprises in Baku. He holds a Master's Degree (1992) in law from Baku State University. He speaks Azeri and Russian.
Azer Humbatov has been Marketing/Public Relations Specialist since July 2002 and before that he was a Loan Officer. He has been a Private Consultant and Chairman of Ganja's "Amin" Ltd. Out-of-Bank Credit Union. Azer has Master's Degree (1995) in Economics and Management from the Azerbaijan State Oil Academy and has taken training courses in business and marketing, including one in Export Economics from the University of Oklahoma, USA. He is fluent in Azeri, Russian, and English.
During 2003, a Supervisory Council (in lieu of a Board of Directors) will be established, which will be the first step toward representation by clients/beneficiaries. Hopefully, this Council will provide the leadership and act as well as the gateway to eventual investment, ownership, and control by clients/beneficiaries. Although ACDI/VOCA's Country Representative will participate in and ratify all the appointments to the Council and serve as its provisional Chairperson having full veto rights over its decisions, efforts will be made to democratize the procedures and include branch representation. The proposed duties and responsibilities of the Supervisory Council include:
· Select and hire external auditors.
· Approve new and/or additional loan products and major changes in lending strategy, such as changes in interest rates/penalty charges and lending and accounting policies and procedures.
· Review the overall CredAgro loan asset portfolio and make necessary adjustments. Approve the level of adequate reserves to cover loan losses and approve the write-off of loans to bad debt
· Appoint members to the Central Loan Committee and review its reports; authorize the rescheduling or restructuring of loans on recommendation by the Central Loan Committee.
· Approve the annual CredAgro budget and annual business plan.
· Recruit and appoint the CredAgro Director; establish his remuneration; monitor his performance; and conduct his annual performance appraisal. If necessary, terminate his services.
· Approve all loans applications above $30,000.
· Review and/or negotiate the terms, costs and conditions of all sources of new capital.
· Approve by resolution all formal agreements, and represent CredAgro as necessary with other organizations and Azeri government entities.
Regional Advisory Committees with local clients/beneficiaries as representatives will be set up during 2003 for each of the four regions. Theses committees will exercise democratic principles in advising CredAgro management regarding regional policy making. Specific duties and responsibilities have not yet been identified but it is anticipated that from each region, representation will be made on the Supervisory Council and the committees will provide valuable insight in terms of how they can be better served by CredAgro.
Two ACDI/VOCA short-term employees who will alternate visits to Baku will provide technical assistance for the 2003 business year.
Mr. E.R. (Al) Harding, will serve as an Agricultural Credit, Micro-finance and Rural Banking Specialist
Dr. Robert Cowell will serve as a Project Management, Institutional Strengthening and Business Training Specialist.
Composed of no more than five members and chaired by the Director, the Central Credit Committee reviews all loan applications originating from the branch offices. They may approve, decline, or return applications for additional information as necessary. The Committees duties and responsibilities include:
· Oversee the preparation and periodic review of the Credit Policies and Procedures Manual and recommend changes in policies and procedures to the Director including such areas as loan monitoring, internal auditing, accounting/financial reporting, loan application/disbursement, collections, litigation, fees/penalties and interest rates.
· Approve all loans up to $30,000 and recommend to the Supervisory Council's consideration all loan requests for larger amounts.
· Monitor the loan asset portfolio every month and identify emerging delinquencies and/or loans in arrears.
· Manage the portfolio at risk (PAR) and all reports of portfolio dynamics.
The Branch Credit Committee is comprised of the Branch Manager, Branch Loan Officer, and Regional Manager, if available. The committee meets as necessary to review the applications received in the branch. Minutes and appropriate records are kept for all meetings. All approved applications are forwarded to the Central Credit Committee for final disposition.
