Azerbaijani micro finance bank starts utilization of IFC loan

Published: 3 September 2005 y., Saturday
Print icon twitter icon facebook icon Send mail icon Print icon

    The Azerbaijani Micro Finance Bank (AMFB) has started utilization of the $3m credit of the International Finance Corporation (IFC) allotted for the term of 5 years for financing micro and small credits.  

The chairman of the Management Board of the AMFB, Thomas Engelhardt, said the funds have been received and in August the bank will start crediting at the expense of the funds.  

"Taking into account monthly placement of credits in the amount of $2m by the bank, minimum 2/3 of the IFC credit can be assimilated," Engelhardt noted.  

Before MFBA used a $5 m credit of EBRD allocated for the same purpose. In the end of July, the Black Sea Bank for Trade and Development (BSBTD) approved a $3.5m credit for business development in on-lending small and middle business to the Azerbaijani Micro-financing Bank.  

Since its opening less than three years ago, the bank has extended over 13 000 credits worth more than USD 30 million.  

The MFB has diluted authorized capital in $6.85m and IFC and BBTD share comprise by 25.6% at it. Share of KfW makes up 24.95, EBRD - 18.2%, managing company LFS Financial SystemsGmbH - 5.7%.  

Šaltinis: 525ci.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

FDI in Lithuania Grew by 5 % and Lithuania’s Investment Abroad Increased by 14 %

Statistics Lithuania has calculated that, based on provisional data, FDI in Lithuania in 2009 amounted by 5.3 % more than in 2008. Also, direct investment of Lithuanian enterprises abroad grew by 13.9 % in 2009. more »

Business And Eeconomics
Published: 14/04/2010

Fish industry voices concern over foreign fish and falling prices

Concerns about foreign fish being sold in Europe and what to do about the future of Europe's fisheries industry were aired in a hearing held by the Fisheries Committee on 8 April. more »

Business And Eeconomics
Published: 14/04/2010

Future of European agriculture - have your say

EU opens public debate on its agricultural policy, the prelude to a major reform in 2013. more »

Business And Eeconomics
Published: 14/04/2010

Commission launches €35 million call for projects that turn environmental challenges into business opportunities

The European Commission today launched a €35 million call for eco-innovation projects to be funded under the Competitiveness and Innovation Programme. more »

Business And Eeconomics
Published: 13/04/2010

Bank SNORAS group consolidates the activity of the Baltic investment companies

Bank SNORAS group company Finasta Holding recruits all funds management and investment companies of the group in the Baltic States. more »

Business And Eeconomics
Published: 13/04/2010

European Central Bank and European Commission hold joint conference on "financial integration and stability: the legacy of the crisis"

The European Central Bank (ECB) and the European Commission are jointly holding a high-level conference on financial integration and stability at the ECB’s premises in Frankfurt am Main. more »

Business And Eeconomics
Published: 13/04/2010

12 April 2010 - ECB signals a gradual recovery of the European financial integration process

Today, the European Central Bank (ECB) is publishing its fourth Report on Financial Integration in Europe, which notes the return towards integration in the European financial markets. more »

Business And Eeconomics
Published: 12/04/2010

World Bank Group: Record US$100 Billion Response Lays Foundation for Recovery from Global Economic Crisis

World Bank Group financial commitments since July 2008, just before the full fury of the financial crisis hit, reached US$ 100 billion today as the institution helped countries respond to and recover from the global downturn. more »

Business And Eeconomics
Published: 08/04/2010

IMF Executive Board Concludes 2010 Article IV Consultation with Serbia

On March 31, 2010, the Executive Board of the International Monetary Fund concluded the Article IV consultation with Serbia. more »

Business And Eeconomics
Published: 08/04/2010

United Kingdom Contributes US$7.5 Million to Support IMF Technical Assistance in Statistics in Africa

The International Monetary Fund and the United Kingdom’s Department for International Development have launched a new project to improve macroeconomic statistics in 23 African countries. DFID will provide US$7.5 million over the next five years to support the project. more »

Business And Eeconomics
Published: 08/04/2010

Top News