Azerbaijan, Baku, Nov.29 / Trend, N.Ismayilova /
The International Finance Corporation (IFC), a member of the World Bank Group, will help Azerbaijan's Turan Bank to strengthen its risk-management practices and develop new financial products for small and medium enterprises, supporting economic diversification and stimulating growth, the IFC said in its press release on Tuesday.
IFC will advise Turan Bank on refining its credit policy and risk management operations, developing an a focused strategy for small and medium enterprises, and rolling out new financial products and services for the SME client segment.
"Serving small and medium enterprises is an important part of Turan Bank's overall strategy, and we appreciate this opportunity to work with IFC to improve our risk management," Fezail Musayev, Deputy Chairman of Turan Bank's Management Board, said. "We hope this work will result in better lending and risk-management practices, and ultimately, better services to our clients."
Turan Bank has been an IFC client since 2009. IFC has helped the bank to improve its corporate governance practices, and in June 2011 extended a $7 million loan to Turan Bank to expand its lending to micro and small entrepreneurs in Azerbaijan.
Azerbaijan joined IFC in 1995. As of September 30, 2011, IFC had a committed portfolio in Azerbaijan of $139 million. IFC supports diversification of the country's economic base, and sustainable growth in the non-oil economy.