IFC to allocate 10 million dollars to Azerbaijani bank
Azerbaijan, Baku, Feb.27 / Trend, N. Ismayilova /
International Finance Corporation (IFC) plans to allocate a loan worth $10 million to the Azerbaijani UniBank to finance micro, small and medium entrepreneurship, IFC said on Saturday.
Unibank has 25 branches operating in Azerbaijan's territory. IFC's loan will be support to the growth of the bank's portfolio for micro, small and medium entrepreneurship in cities and rural areas of the country.
This project will increase access to funding of micro, small and medium entrepreneurship, improving the applying corporate governance standards and attracting deposits.
The loan is expected to be approved at a meeting of the IFC Board of Directors on March 31, 2011.
Unibank was established on 15 October 2002 as a result of the merger of the two advanced private commercial banks of Azerbaijan - MBANK and PROMTEKHBANK. Unibank CB is a universal finance and credit institution offering the retail and corporate services. The bank's shareholders are financial institutions such as the European Bank for Reconstruction and Development (15.1515 percent) and the German Investment Corporation DEG (8.3333 percent).