IFC plans to allocate $7 million to Azerbaijani bank
Baku, Azerbaijan, Oct.24
By Maksim Tsurkov - Trend:
The International Finance Corporation plans to allocate $7 million to Azerbaijani Turanbank in order to expand lending program of micro, small and medium enterprises (MSME), said the report published on the website of the corporation.
Credit approval by IFC's Board of Directors is expected Nov.21.
The credit is allocated to support the development of non-oil sector of Azerbaijan, the efforts of the bank to diversify and increase its funding base, improve the management of assets and liabilities in a time of limited funding opportunities, as well as to support the growth of MSME-portfolio of the bank and to expand access to funding for MSME, according to the report.
Turanbank has attracted foreign loans worth $13.5 million on the expansion of microfinance in 2014.
TuranBank was created in 1992. The bank currently has 28 shareholders, of which 6 are legal persons (29.1 percent) and 22 are individuals (70.9 percent). In early 2014, ShoreCap II Ltd. investment fund, managed by Equator Capital Partners LLC, operating in the United States, became a shareholder of TuranBank OJSC.