® TuranBank secures local currency financing from leading international institution
TuranBank, one of Azerbaijan’s leading banks supporting the development of the real sector, continues to attract funding from major international financial institutions owning to its strong performance and reliable reputation. As part of its ongoing efforts, the Bank has signed a new local currency loan agreement with the reputable international BlueOrchard Microfinance Fund (BOMF), managed by leading Swiss impact investment manager BlueOrchard Finance Ltd.
According to the terms of the agreement, BOMF will provide TuranBank with a synthetic loan in Azerbaijani manats (AZN), equivalent to USD 10 million, for a term of three years. The proceeds of this financing will be directed towards supporting small and medium-sized enterprises (SMEs) across the country, with a particular focus on regional development. By expanding access to local currency resources for entrepreneurs, the loan will foster greater financial inclusion, promote sustainable economic growth, and contribute meaningfully to the inclusive development of country’s economy.
Normunds Mizis, Chief Credit Officer of BlueOrchard, stated: We are pleased to further expand our partnership with TuranBank. TuranBank is a leading bank in SME financing and we are pleased to contribute together to the economic prosperity of Azerbaijan.
“At TuranBank, supporting the real sector of the economy and fostering the development of the entrepreneurial ecosystem are among the core priorities of our long-term strategy. This agreement stands as a testament to the Bank’s strong and expanding partnerships with international financial institutions, as well as its commitment to delivering sustainable support to businesses operating in the regions. Our collaboration with a distinguished impact investment manager such as BlueOrchard is also a clear reflection of the Bank’s growing credibility and reputation within the international financial sector” said Mr. Orkhan Garayev, Chairman of the Management Board of TuranBank OJSC.
It is worth noting that TuranBank, over its 33 years of continuous development and with a growing network of 22 service branches, has established a strong and reputable position in Azerbaijan’s financial sector—distinguished by both the quality and breadth of its services. As part of its strategic focus, the Bank actively attracts international credit lines to support micro, small, and medium-sized enterprises (MSMEs), playing a vital role in the sustainable development of the country’s non-oil economy. TuranBank has successfully partnered with leading international financial institutions including the Asian Development Bank (ADB), International Finance Corporation (IFC), European Bank for Reconstruction and Development (EBRD), EMF Microfinance Fund (EMF), Black Sea Trade and Development Bank (BSTDB), Islamic Corporation for the Development of the Private Sector (ICD), Incofin Investment Fund (INCOFIN), ECO Trade and Development Bank (ECO TDB), among others — demonstrating a long-standing commitment to fostering entrepreneurship and regional economic growth.
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