Azerbaijani Micro Finance Bank Issues $200mln in Loans

Business Materials 17 September 2007 13:59 (UTC +04:00)

Azerbaijan, Baku / Trend / The Micro Finance Bank of Azerbaijan today crossed a new threshold having disbursed over 75,000 loans worth $200 million since its foundation in October 2002.

In less than five years the Micro Finance Bank of Azerbaijan has become a leading agent for the development of the non-oil sector in the Azerbaijani economy.

The AMFB provides finance and has helped over 30,000 Azeri businesses grow. MFBA's financing of Azeri business has only been possible due to MFBA's success in attracting international investors.

In the first 8 months of 2007 MFBA has already attracted more than $45 million from international investors for the development of Azerbaijani business.

The Micro Finance Bank of Azerbaijan is 100% foreign owned by six shareholders: the European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank - the Development Bank of the German Government, LFS Financial Systems GmbH - a German consulting company, as well as AccessHolding, which is a leading investor in microfinance.