Azerbaijani bank draws second credit line from ICD
Azerbaijan, Baku, June 17 / Trend, N. Ismayilova /
Azerbaijani TuranBank drew a three million dollar credit line from the Islamic Corporation for Development of the Private Sector (ICD is part of the Islamic Development Bank), the bank said on Thursday.
The line of credit will be geared toward developing small and medium-sized entrepreneurship. The bank previously attracted a loan from the ICD for one million dollars to finance two projects in construction and typography.
The new loan is granted for six years, with a one year grace period. Under the terms of the loan agreement, the minimum amount of the loan issuance could reach $100, while the maximum - two million dollars.
Turan Bank was established in 1992. The bank has 25 shareholders, five of which are legal entities (21.8 percent) and 20 physical entities (78.2 percent).