Azerbaijan, Baku, Feb. 26 / Trend N.Ismayilova /
The International Finance Corporation (IFC) informed that the IFC Board is likely to approve the granting of a loan worth $7 million to Azerbaijan's Turan Bank for the development of MSME. The Bank will develop such operations through its 11 branches and offices.
The IFC's loan will be aimed to support the growth in financing of MSMEs in the portfolio of the bank's existing branches and new branches in cities and rural areas.
The IFC Board will consider the issue on April 4, 2011.
Turan Bank was established in 1992. The bank has 25 shareholders, five of which are legal entities (21.8 percent) and 20 individuals (78.2 percent).
