ID :
96843
Sat, 12/26/2009 - 00:26
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http://m.oananews.org//node/96843
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EBRD GRANTS $3M FINANCING TO MUGANBANK
Baku, 25 December (AzerTAc). The European Bank of Reconstruction and Development is continuing to support the real economy in Azerbaijan with a $3 million financing package to Muganbank to ensure a continuous flow of credits to small businesses and to enhance the local bank’s trade facilitation activities.
The EBRD facility includes a $2 million credit line for on-lending to micro, small and medium enterprises operating in Azerbaijan.
The Bank will also provide an additional $1 million trade finance facility under the Bank’s Trade Facilitation Programme (TFP) which will bring the total TFP facility for Muganbank to $3 million. The funds will be used to support guarantees, letters of credit and bank-to bank reimbursement undertakings issued by Mugan Bank in the context of cross-border trade.
Muganbank is a mid-sized private bank in Azerbaijan. To date the EBRD has provided the institution with financing facilities worth $13 million.
Since the beginning of its operations in Azerbaijan, the EBRD has committed over $1 billion across more than 90 projects in corporate, financial, infrastructure and energy sectors.
The EBRD facility includes a $2 million credit line for on-lending to micro, small and medium enterprises operating in Azerbaijan.
The Bank will also provide an additional $1 million trade finance facility under the Bank’s Trade Facilitation Programme (TFP) which will bring the total TFP facility for Muganbank to $3 million. The funds will be used to support guarantees, letters of credit and bank-to bank reimbursement undertakings issued by Mugan Bank in the context of cross-border trade.
Muganbank is a mid-sized private bank in Azerbaijan. To date the EBRD has provided the institution with financing facilities worth $13 million.
Since the beginning of its operations in Azerbaijan, the EBRD has committed over $1 billion across more than 90 projects in corporate, financial, infrastructure and energy sectors.
