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Turanbank attracts new foreign credits

20 June 2011 09:00 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijanâ€™s Turanbank JSC attracted next $3-million loan from Islamic Corporation for the Development of the Private Sector, board chairman Nazim Sadigov told APA.

To him, a line of credit is drawn for a period of 6 years, one year of which grace. The volume of credit to one person is at least $100 thousand, maximum - $ 2 million. In accordance with the principles of Shariah laws, the credits will finance the projects to develop small and medium enterprises in Azerbaijan.

Sadigov noted that the first credit line allocated by the Corporation was $1 mln. Use of credit based on Shariah laws, that is why, the employees of the bank were trained in this direction in Azerbaijan and several foreign countries. The bank has already financed the fulfillment of two projects (construction and printing industries).

Note that, the bank started to cooperate with Islamic Corporation for the Development of the Private Sector in 2007.

Remind that, Turanbank has been in operation since 1992. The bank operates 11 branches, 16 ATMS, 74 POS-terminals and 239 employees across the country.