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Mugan Bank to get a new foreign loan

Mugan Bank to get a new foreign loan

15 October 2009 16:11 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-ECONOMICS. Azerbaijan-based Mugan Bank intends to get a loan from the European Bank for Reconstruction and Development (EBRD) by the end of this year, said Elmir Hasanov, chairman of the Bank.

â€œWe are seeking a $5 million loan for the development of small and medium enterprises and trade financing. A tentative agreement has already been reached with the EBRD,â€ he added.
The EBRD has to date lent in total $12 million to Mugan Bank, including $8 million for the development of small and medium enterprises, and $4 million for financing trade.

Established in 1992, Mugan Bank is owned by i 4 individuals.

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