MFBA INKS NEW CREDIT CONTRACT WITH BLUE ORCHARD

13.04.2006 [22:10]
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Micro Finance Bank of Azerbaijan (MFBA) has signed a credit contract with the Swiss company BluOrchard Microfinance Security, in the amount of USD 4 million. MFBA will use these funds to credit Azeri micro and small enterprises.

The new loan is financed by a bond issue organized by Blue Orchard and taken by private commercial investors in the amount of app. USD 120 million.

BlueOrchard aims to select only institutions of the highest quality, which is determined by profitability, sustainability, and operation quality. Given this aim, the Fund works with 22 MFIs.

Micro Finance Bank of Azerbaijan is the leading microfinance provider in Azerbaijan and a commercial bank. To date, it has allocated more than 20.000 loans in an amount of USD 52 million. It offers its clients not only credits, but also a full range of financial services.

MFBA five shareholders are the international finance institutions European Bank for Reconstruction and Development, International Finance Corporation, Black Sea Trade and Development Bank, the German state-owned development bank (KfW) and the German consulting firm LFS Financial Systems GmbH (LFS). The Bank is also supported by the European Union.

MFBA INKS NEW CREDIT CONTRACT WITH BLUE ORCHARD

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