OFID GRANTS $5 MILLION TO AZERBAIJAN MICRO FINANCE BANK

01.06.2007 [17:45]
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The OPEC Fund for International Development (OFID) has granted a five-year $5 million loan to Micro Finance Bank of Azerbaijan (MFBA) in support of small and medium-sized business development in the country.

It is the OFID`s first investment in Azerbaijan, Andrew Pospielovski, MFBA`s General Manager said after his meeting with OFID leadership in Vienna, adding ``the loan is the largest one granted to MFBA so far.``

MFBA received a total of over $62 million from international financial institutions to support small and medium-sized business in Azerbaijan, making a key instrument for attracting foreign investments to the non-oil sector.

The Micro Finance Bank of Azerbaijan is 100% foreign-owned. The shareholders are: European Bank for Reconstruction and Development, International Finance Corporation, Black Sea Trade and Development Bank, German Development Bank (KfW), German consulting firm LFS Financial Systems GmbH and the newly joined AccessHolding.

OFID GRANTS $5 MILLION TO AZERBAIJAN MICRO FINANCE BANK

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