Turan Bank raises $ 5 million for micro lending
The Microfinance Enhancement Facility through the investment manager Cyrano Management JSC has allocated Turan Bank a line of credit in the amount of $ 5 million.
The Azerbaijani bank attracted the attention of investors in the project to expand the microfinance portfolio of regional entrepreneurs, the statement said. The funds are involved for three years.
Earlier we wrote that due to new credit lines, the bank increased its total assets in the microfinance portfolio to $ 13.5 million. The bank attracted micro credits from foreign financial institutions. So, this year the bank has attracted $ 3.5 million for three years from the German BankimBistumEsseneG, and another $ 5 million for 4 years - from Mikrofinanzfonds from the same country.
Turan Bank began operations in June 1992. Its shareholders are 6 entities (share 29.11%) and 22 natural persons (70.89% share). --17D-
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