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%.