ECONOMY


EBRD WILL OPEN A $5 MILLION CREDIT LINE TO MICRO FINANCING BANK OF AZERBAIJAN

Micro Financing Bank of Azerbaijan signed an agreement with the European Bank for Reconstruction and Development (EBRD), which is to allocate a $5 million credit line for entrepreneurship development in Azerbaijan. AzerTaj was informed in the bank that it is planning to direct this loan to widening of its activities outside Baku, where loan access is more difficult as a rule. The loans will be amounted at $50 thousand averagely.

Until the end of October, the bank is planning to open its branch in Sumgait. Further widening of the network of branches is foreseen by the plans for 2004. The loans may give a chance to meet the increasing demand of the bank’s customers. Besides, it will promote the development of young business in private and oil sectors of the country. The share of EBRD in Micro Financing Bank’s authorized capital makes up €1,25. International Financial Corporation, Black Sea Bank of Commerce and Development, and LfS Financial Systems GmbH are among shareholders of Micro Finance Bank of Azerbaijan.

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