Azerbaijan, Baku, Jan.17 / Trend, N. Ismayilova /
The Azerbaijani MuganBank has signed a loan agreement with the WorldBusiness Capital Inc. (WBC) investment fund in the amount of $10 million, the bank said.
The agreement was approved by the Overseas Private Investment Corporation. The term of the loan is 10 years and the funds will be used to finance projects of small and medium entrepreneurship in Azerbaijan.
"First, the loan will be allocated to borrowers engaged in the construction, agricultural and transportation industries, as well as in the services sector," the bank said.
The loan is MuganBank's first financing by the WBC.
The WBC will allow MuganBank to maintain continuous lending to small and medium businesses, which is a major element of the bank's strategy. This, in turn, will meet the high demand for loans among local entrepreneurs.
MuganBank was established in 1992. The bank's branch network has 30 offices across the country.