Baku, Azerbaijan, Nov.14
By Azad Hasanli - Trend:
The International Finance Corporation plans to allocate a loan of $3 million to Azerbaijani leasing company MCB Leasing, according to a message posted on the IFC website.
It will be the first direct loan to leasing sector in Azerbaijan for the International Finance Corporation. IFC has previously allocated $6 million to their subsidiaries through local banks - Uni Leasing ($5 million) and AG Leasing ($1 million).
The issue of loan allocation to MCB Leasing will be reviewed by the Board of Directors of the corporation December 9, 2014.
The allocated funds will be spent on the development of small and medium business of the country.
MCB Leasing was established in 2010 by the Pakistani MCB Bank Limited. The company ranks eighth in size among leasing companies in Azerbaijan. As of December 2013, its market share in the country amounted to 3.2 percent.
Azerbaijan has started cooperation with IFC since 1995. Portfolio of the Financial Corporation in Azerbaijan amounts to $414 million that have been allocated for the implementation of 73 projects.
