Baku, Finance Time. “Muganbank” OJSC has signed a financing agreement with Islamic Corporation for the Development of the Private Sector (ICD) in a total amount of USD 3,000,000 (US Dollars three million), as reported by the Public Relations department of Muganbank.
TheICDlineoffinancingwillbeusedexclusivelytofinance Small and Medium size enterprises (SMEs) in Azerbaijan in manufacturing, trade, industry, agriculture and other spheres.
Thus, Muganbank, enlarging the number of its partners, continues the dynamic development of cooperation with international financial institutions.
“This financing agreement is the first and important step towards enhancing cooperation with ICD, a distinguished international financial institution whose role insupportingthe development of SMEs in Azerbaijan we much appreciate” - stated Elmir Hasanov, the Chairman of the Board of “Muganbank” OJSC.
ICD was established in 1999and is the private sector arm of the Islamic Development Bank (IDB), a multilateral development finance institution. Its key shareholders include IDB along with 51 ICD-member countries and five public financial institutions from the member countries.
The Mission of ICD is to promote the economic advancement of the member countries by financing and supporting the growth of the private sector.
“Muganbank” OJSC, one of the well-known participants of Azerbaijani financial-banking industry has been functioning since 1992. The bank’s 30 branches and 5 sub-branches in the country, as well as its representative office in Moscow effectively serve customers with all types of banking services. “Muganbank” OJSC actively cooperates with international financial institutions among them the US Agency for International Development (USAID), European Bank for Reconstruction and Development (EBRD), International Finance Corporation (“IFC”), World Business Capital, Inc. (WBC), Overseas Private Investment Corporation (OPIC) and Islamic Corporation for the Development of the Private Sector (ICD).
