DemirBank ups funding small business development

Azerbaijan’s DemirBank, mediated by microfinance institution ResponsAbility Global Microfinance Fund, has signed a new agreement on raising financing with investment company Microfinance Enhancement Facility.

The Bank reports that in accordance with the agreement MEF will allocate 8 million USD to DemirBank for three years. The Azerbaijani bank will direct the amount for financing small businesses.

“DemirBank attaching particular importance to small business lending has signed an agreement for the eighth time with financial institution ResponsAbility Global Microfinance Fund. For time of cooperation with ResponsAbility since 2007 to date it has been signed agreements for the total amount of $30.5 million," DemirBank’s deputy chairman of board Yusif Jabbarov said.

DemirBank is co-operating on credit programs with more than 20 international organizations, among which are European Bank for Reconstruction & Development, International Finance Corporation, Asian Development Bank, Netherlands Development Finance Company (FMO), Black Sea Trade & Development Bank, German-Azerbaijan Fund, DEG, OFID, Islamic Corporation for Private Sector Development, USAID and others.


/AzerTAc/