IFC to sign loan agreement with Azerbaijani bank
Azerbaijan, Baku, June 2 / Trend, N.Ismayilova /
The International Finance Corporation (IFC) and the Azerbaijani Turan Bank will sign a loan agreement to allocate funds worth $7 million for lending to micro, small and medium-sized entrepreneurships, the IFC Baku Office said on Thursday.
TuranBank has 11 branches operating in the Azerbaijani territory.
The IFC's loan will be directed at supporting the growth in size of funding of the micro, small and medium-sized entrepreneurships in the bank's portfolio in existing branches, as well as new branches in cities and rural areas.
Turan Bank was founded in 1992. The bank has 25 shareholders, five of which are legal entities (21.8 percent) and 20 physical entities (78.2 percent).