American credit for small business development in Azerbaijan

Azerbaijan’s TuranBank attracted a loan of $7 million from the investment fund World Business Capital (WBC), the bank said. The corresponding loan agreement was signed between the parties.

The credit facilities are provided for 7 years and will be used to finance the SME in Azerbaijan.

As stated in the press release, this is the second loan raised by TuranBank from World Business Capital. In 2009, the bank raised $ 7.5 million for 10 years, which is also designed to finance small and medium-sized businesses.

The Overseas Private Investment Corporation (OPIC) is a U.S. government agency established in 1971. Through authorized financial institutions, including foundations, OPIC supports private business investment abroad, and helps U.S. companies in managing the risks associated with foreign investment, and supports the U.S. foreign policy.

TuranBank OJSC started operations in June 1992. Its founders are 28 businesses and individuals. - 17D-

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