TuranBank, a leading bank in Azerbaijan specializing in financing small and medium-sized businesses, has signed a new loan agreement in local currency with the EMF Microfinance Fund, facilitated by the reputable Enabling Qapital management fund.
Under the terms of the agreement, the international financial institution has provided TuranBank with a synthetic loan of 5 million US dollars, which will be disbursed in Azerbaijani manat, for a period of 3 years. The funds will be directed toward financing small and medium-sized businesses, aligning with TuranBank's strategic objectives of enhancing competitiveness and fostering inclusiveness. This initiative will also contribute to expanding entrepreneurs' access to financial resources in local currency.
Orkhan Garayev, Chairman of the Board of Directors of TuranBank OJSC, commented: “To ensure sustainable economic growth in our country, particularly in the regions, it is essential to increase financial support for the formation and development of micro, small, and medium-sized enterprises. We consider the loan agreement signed with the prestigious European EMF Fund to finance this sector as a result of our purposeful efforts. We are confident that the funds will facilitate the growth of micro, small and medium sized enterprises, further enhancing access to financial resources for entrepreneurs in local currency.”
It is worth noting that since its foundation 32 years ago, TuranBank, with 22 points of sale, has established a strong position in the financial sector, both in terms of the quality and quantity of its services. The bank has a successful track record in attracting international credit lines to finance small and medium-sized businesses. The bank plays a vital role in supporting the sustainable development of Azerbaijan's non-oil sector through partnerships with reputable financial institutions, such as the Asian Development Bank (ADB), the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), the EMF Microfinance Fund, the Black Sea Trade and Development Bank (BSTDB), the Islamic Corporation for Private Sector Development (ICD), the Incofin Investment Fund, and the ECO Trade and Development Bank (ECO TDB), among others.
