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

Doing Business 2010: Governments Set New Record in Business Regulation Reform

A record 131 economies around the globe reformed business regulation in 2008/09, according to the IFC–World Bank Doing Business 2010 report. more »

Business And Eeconomics
Published: 09/09/2009

Haiti: WB Approves US$5 Million Grant for Electricity Services

The World Bank’s Board of Directors today approved a US$5 million grant to improve the quality of electricity services in Haiti and strengthen the financial and operational performance of Electricité d’Haïti, the public electricity utility. more »

Business And Eeconomics
Published: 09/09/2009

Families Becoming Farmers in Tajikistan

Firuza Ziyoeva, a 42-year old mother of five, lacks any sustainable income for her family – her husband is unable to work due to disabilities and their children are all young. more »

Business And Eeconomics
Published: 09/09/2009

IMF Managing Director Dominique Strauss-Kahn Welcomes Singapore’s Commitment of Additional Financial Support for the IMF

The Managing Director of the International Monetary Fund (IMF), Mr. Dominique Strauss-Kahn, made the following statement today regarding Singapore’s commitment to increase fourfold its contribution to the Fund’s New Arrangements to Borrow (NAB) by US$1.5 billion, to a total of US$2 billion. more »

Business And Eeconomics
Published: 09/09/2009

Foreign trade of Lithuania in I half-year 2009

Statistics Lithuania reports that, based on non-final data obtained from customs declarations and Intrastat reporting data, exports in I half-year 2009 made LTL 19 billion, while imports – LTL 21.2 billion. more »

Business And Eeconomics
Published: 08/09/2009

AB Bank SNORAS is the first who suggests certificates of deposits in Lithuania

Since 7 September 2009 AB Bank SNORAS for residents and economy subjects begins to distribute a new savings product - certificates of deposits. more »

Business And Eeconomics
Published: 08/09/2009

Africa's chief development banker urges regional cooperation

“We are 53 diverse countries differently affected by the crisis, 1 billion people that cannot be ignored”. That was the stark message to Members of Parliament's Development Committee from Donald Kaberuka, the head of Africa's Development Bank at a hearing on 3 September in Brussels. more »

Business And Eeconomics
Published: 08/09/2009

Spain: EIB provides EUR 450 million for air traffic control facilities

The European Investment Bank has granted a EUR 450 million loan to AENA (Aeropuertos Españoles y Navegación Aérea) for upgrading and expanding Spain’s air traffic control facilities in order to optimise their overall efficiency and ensure that they comply with international regulations. more »

Business And Eeconomics
Published: 08/09/2009

Prices for industrial production in August 2009 increased by 0.9 per cent

Statistics Lithuania informs that in August 2009, against July, prices for total industrial production sold increased by 0.9 per cent. more »

Business And Eeconomics
Published: 07/09/2009

U.S. jobless rate at 26-yr peak

Despite signs the near two-year U.S. recession may be over - Americans are still finding it hard to get a job. more »

Business And Eeconomics
Published: 07/09/2009

Top News