JSC Turan Bank will receive $ 7 million for the development of lending to micro, small and medium enterprises. Yesterday the International Finance Corporation (IFC) approved the release of this amount, the bank said in a statement on its website.
According to the material, the allocation of the credit has been reviewed and pre-approved on 21 November. The purpose of the corporation is diversification and facilitating funding for the bank to support its operations in the sector of small and medium enterprises and promoting the development of non-oil sector of the local economy.
Turan Bank began operations in June 1992. Its shareholders are 6 legal entities (share 29.11%) and 22 individuals (70.89%). The bank has been dealing with small businesses since 2007. Its authorized capital is 47,002,080 manat. --17D-
Economics
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On 21 December, Russian Transport Minister Roman Starovoit met with Azerbaijani Minister of Digital Development and Transport Rashad Nabiyev at the Russian Ministry of Transport.
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Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
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Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
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While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
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