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Mughan Bank to get next EBRD loan

06 February 2009 10:44 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-Economics. Azerbaijan-based Mughan Bank will secure a $3 million loan from the EBRD for small and medium-sized business purposes, said Etibar Gasimli, Deputy Chairman of the Bank.
According to him, the bank used up all the funds it borrowed from the EBRD in 2008.
He said the EBRD is discussing the issue of extending the next loan to the Azeri Bank.
From the EBRD, the bank had received an $8 million loan for small and medium-sized business and $5 million for trade financing.
As of January 1, Mughan Bankâ€™s assets stood at AZN 100.747 million, loan portfolio at AZN 66.40million, deposit portfolio at AZN 39.986 million, total capital at AZN 14.871 million and authorized capital at AZN 12 million.
Mughan Bank has been in operation since 1992. The bank operates 25 branches, 26 ATMs and 62 POS-terminals.