Mughan Bank to get a $5 million EBRD loan

Mughan Bank to get a $5 million EBRD loan
# 26 August 2008 13:42 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. The European Bank for Reconstruction and Development (EBRD) will extend the third loan to Mughan Bank for small and medium-sized enterprises.
Zaur Hajiyev, audit officer of the Azeri bank, said the $5 million loan agreement will be signed in early September.
Mughan Bank has to date received in total $20 million, including the EBRD third tranche from international financial institutions.
As of July 1, the bank’s assets stood at AZN 99.484 million, loan portfolio at AZN 65.636 million, deposit portfolio at AZN 30.217 million, total capital at AZN 14.878 million and authorized capital at AZN 11 million.
Mughan Bank has been in operation since 1992. The bank operates 22 branches across the country.
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