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-
Economics
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The Green Climate Fund (GCF), an operating entity of the financial mechanism of the UN Framework Convention on Climate Change (UNFCCC) and the body responsible for implementing the Paris Agreement, has included Azerbaijan for the first time in its list of countries eligible for funding.
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The International Telecommunication Union (ITU), the Permanent Mission of the Republic of Azerbaijan to the UN Office in Geneva and the Ministry of Digital Development and Transport organized for the heads of about 30 diplomatic missions accredited in Geneva a special briefing on the initiative "Green Digital Action", which will be presented during COP29 in November in Baku, the Ministry of Digital Development and Transport of Azerbaijan reported.
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As a member of the International Renewable Energy Agency (IRENA) Council, Azerbaijan participated in the 28th meeting of this Council in Abu Dhabi (UAE).
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Azerbaijan’s imports of animal and vegetable fats and oils climbed 23.9% by weight and 16.2% by value from January to September 2024, official data revealed. Despite the uptick in volume, the import cost of these products saw a decrease compared to the same period last year, with the cost per ton of vegetable oil falling by 6.1% to $1,199.6 in 2024, down from $1,278.6 in 2023.
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