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Mugan Bank will secure a new foreign loan this year

29 June 2009 14:18 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-Economics. Azerbaijan-based Mugan Bank will get a large loan from the European Bank for Reconstruction and Development (EBRD) this year, said Elmir Hasanov, Chairman of the Board.

According to him, the parties have held negotiations and reached tentative agreement.

The loan proceeds will go to the development of small and medium-sized businesses in Azerbaijan.

The EBRD has to date extended $ 12 million to Mugan Bank for small and medium-sized businesses for trade financing.

Owned by four individuals Mugan Bank has been in operation since 1992.
As of 1 April, assets amounted to AZN 108.783 million, deposit portfolio - AZN 44.170 million, credit portfolio - AZN 69.753 million, total capital - AZN 20.428 million authorized capital stock â€“ AZN 18 million.

The bank operates 25 branches across the county.