Azerbaijan, Baku, May 31 / Trend N.Ismayilova /
The Board of Directors of the International Finance Corporation (IFC) has approved a credit line worth $ 10 million for the Azerbaijani UniBank to finance micro, small and medium enterprises (MSMEs), IFC reported.
At present, preparations are underway for signing the relevant documents.
Unibank has 25 branches operating in Azerbaijan's territory. IFC's loan will be support to the growth of the bank's portfolio for micro, small and medium entrepreneurship in cities and rural areas of the country. This project will increase access to funding of micro, small and medium entrepreneurship, improving the applying corporate governance standards and attracting deposits.
Unibank was established on Oct. 15, 2002 as a result of a merger of the two advanced Mbank and Promtekhbank private commercial banks. Unibank is a universal finance and credit institution offering retail and corporate services. The bank's shareholders are financial institutions such as the European Bank for Reconstruction and Development (15.1515 percent) and the German Investment Corporation DEG (8.3333 percent).
