TODAY.AZ / Business

IFC allots $3m to Azeri Microfinance Bank

26 July 2005 [10:54] - TODAY.AZ
The Azerbaijani Micro Finance Bank of (MFBA) and the International Finance Corporation (IFC) signed an agreement on allotment of credit by the IFC.
The credit is equal to $3m and allotted for 5 years to finance micro credits, Trend reports.

The MFBA received $5m from the European Bank of Reconstruction and Development (EBRD). The Black Sea Bank of Trade and Development (BBTD) also intends to grant $3.5m credit to the bank.

The current portfolio of the bank comprises $11.7m. The bank has granted $30m. MFBA allots 700 credits with annual rate from $100,000 to $125,000 a month.

The MFBA also opened its 6th branch in Ganja. Another branch is planned to be open in Shaki in autumn. The bank holds $6.85m statutory capital. 51.2% of its stocks belong to the IFC and BBTD, 24.9% - KfW, 18.2% -EBRD, 5.7% - LFS Financial Systems GmbH.

URL: http://www.today.az/news/business/20162.html

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