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Azerbaijani bank starts drawing IFC loan

Business Materials 14 January 2012 14:57 (UTC +04:00)

Azerbaijan, Baku, Jan.14 / Trend, N. Ismayilova /

The International Finance Corporation (IFC) has allocated a loan of $7 million to Azerbaijan's TuranBank to finance micro, small and medium enterprises (MSME), the IFC said on Saturday.

The IFC loan was approved in May 2011 and aims at supporting the growth of MSME funding volume in the bank's portfolio in existing branches, as well as in new branches in cities and rural areas.

TuranBank has 11 branches operating in Azerbaijan's territory. The loan is allocated for a period of five years.

The bank has been a client of the IFC since 2009.

TuranBank 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).

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