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Turanbank borrows $ 2.5 mln from abroad

03 March 2011 07:29 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. As part of international relations strategy TuranBank successfully expands its network of partners. The Bankâ€™s next achievement is the building partnership with Micro Vest which is one of the first private microfinance investment firms in the U.S. According to initial agreement Micro Vest and Microvest Short Duration Fund will provide funding in amount of 2.5 mln USD to TuranBank in 2 instalments. First instalment of 950,000 USD has already been provided and the second instalment of 1.5 mln USD will will be made in March of current year.

MicroVest was created as a capital-mobilizing intermediary for microfinance institutions (MFIs) in 2003. It was organized along commercial lines with a strong private sector board. There objectives cover to provide capital to low-income finance institutions, including microfinance institutions and help build capital markets serving individuals at the base of the economic pyramid

Since launching operations in 2003, MicroVest has provided financing to over 50 microfinance institutions in 25 countries.