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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Natural gas supplies from Azerbaijan to Bulgaria have been temporarily suspended due to technical reasons from January 6, 2025, Turan reports. Bulgarian «Bulgargaz» Energy Company has announced the suspension, noting that supplies are expected to resume on January 11, 2025.
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In 2024, Azerbaijan welcomed 3.523 million passengers from 38 countries via air transportation, reflecting a significant 32.1% increase compared to the previous year. According to the State Tourism Agency, this also marks an expansion in reach, with visitors arriving from three additional countries, an 8.5% rise year-on-year.
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As Azerbaijan sets an ambitious trajectory for economic growth in 2025, the country is poised to expand its investment portfolio and develop innovative financial instruments. These efforts aim to create a favorable environment for both domestic and international investors, while steering the economy away from oil dependency toward diversified and sustainable growth.
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In 2025, Azerbaijan will celebrate a series of public holidays and mourning events combining cultural traditions, religious rituals and national commemorations. The calendar, approved by the Cabinet of Ministers, defines significant dates that will provide citizens with the opportunity to honor their heritage, reflect on history, and relax with family and friends.
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