MCB Leasing Charges $ 3 million from International Finance Corporation
Another local financial entity will get a credit window from the investment portfolio of the International Finance Corporation (IFC). As stated on its website, the new beneficiary will be the private leasing company MCB Leasing, which is allocated $ 3 million.
The Board of Directors of IFC in early December will approve the loan. "The funds will help MCB Leasing support its clients in the sector of small and medium enterprises in Azerbaijan," the information reads.
MCB Leasing Company was registered in Azerbaijan in October 2009 and started to work in mid-2010. The main shareholder is the Pakistani MCB Bank Limited, and part of the company's shares also belongs to an Azerbaijani individual. At the end of 2013 the company had a stake of 3.2% in the leasing market in Azerbaijan.
Azerbaijan has been a member of IFC since 1995. During the period of cooperation the corporation has spent $ 414 million to finance 73 projects in Azerbaijan. In addition, IFC raised $ 73 million from other credit institutions for these projects. --17D-
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