Muganbank signs financing agreement with ICD

Muganbank signs financing agreement with ICD
# 05 November 2013 08:28 (UTC +04:00)

Baku. Vahab Rzayev – APA-Economics. Muganbank OJSC has signed a financing agreement with Islamic Corporation for the Development of the Private Sector (ICD) in a total amount of USD 3,000,000 (US Dollars three million), as reported by the Public Relations department of Muganbank.

The ICD line of financing will be used exclusively to finance Small and Medium size enterprises (SMEs) in Azerbaijan in manufacturing, trade, industry, agriculture and other spheres.

Thus, Muganbank, enlarging the number of its partners, continues the dynamic development of cooperation with international financial institutions.

This financing agreement is the first and important step towards enhancing cooperation with ICD, a distinguished international financial institution whose role in supporting the development of SMEs in Azerbaijan we much appreciate” - stated Elmir Hasanov, the Chairman of the Board of Muganbank.

ICD was established in 1999 and is the private sector arm of the Islamic Development Bank (IDB), a multilateral development finance institution. Its key shareholders include IDB along with 51 ICD-member countries and five public financial institutions from the member countries.

The Mission of ICD is to promote the economic advancement of the member countries by financing and supporting the growth of the private sector.

Muganbank OJSC, one of the well-known participants of Azerbaijani financial-banking industry has been functioning since 1992. The bank’s 30 branches and 5 sub-branches in the country, as well as its representative office in Moscow effectively serve customers with all types of banking services. Muganbank actively cooperates with international financial institutions among them the US Agency for International Development (USAID), European Bank for Reconstruction and Development (EBRD), International Finance Corporation (“IFC”), World Business Capital, Inc. (WBC), Overseas Private Investment Corporation (OPIC) and Islamic Corporation for the Development of the Private Sector (ICD).

Bakı. Vahab Rzayev – APA-Economics. AzÉ™rbaycanın «MuÄŸan Bank» ASC ÖzÉ™l Sektorun Ä°nkiÅŸafı üzrÉ™ Ä°slam Korporasiyası (ICD) ilÉ™ 3 mln. ABÅž dolları mÉ™bləğindÉ™ maliyyÉ™ müqavilÉ™si imzalayıb. «APA-Economics»in xÉ™bÉ™r verdiyi kimi, bu barÉ™dÉ™ bankın ictimaiyyÉ™tlÉ™ É™laqÉ™lÉ™r ÅŸöbÉ™sinin mÉ™lumatında deyilir.

MüqavilÉ™ çÉ™rçivÉ™sindÉ™ cÉ™lb olunacaq vÉ™saitlÉ™r istehsal, ticarÉ™t, sÉ™naye, kÉ™nd tÉ™sÉ™rrüfatı vÉ™ digÉ™r sahÉ™lÉ™rdÉ™ki kiçik vÉ™ orta sahibkarların layihÉ™lÉ™rinin maliyyÉ™ləşdirilmÉ™sinÉ™ yönÉ™ldilÉ™cÉ™k.

Qeyd edÉ™k ki, 1999-cu il noyabr ayında É™sası qoyulan ICD Ä°slam Ä°nkiÅŸaf Bankı Qrupunun üzvüdür. Onun É™sas sÉ™hmdarı qismindÉ™ Ä°slam Ä°nkiÅŸaf Bankı, hÉ™mçinin ICD-yÉ™ üzv olan 51 ölkÉ™ vÉ™ üzv ölkÉ™lÉ™rdÉ™n olan 5 dövlÉ™t maliyyÉ™ institutu çıxış edir.

«MuÄŸan Bank» ASC 1992-ci ildÉ™ fÉ™aliyyÉ™tÉ™ baÅŸlayıb. Hazırda bankın ölkÉ™ É™razisindÉ™ 30 filialı vÉ™ 5 ÅŸöbÉ™si, hÉ™mçinin Moskva ÅŸÉ™hÉ™rindÉ™ki nümayÉ™ndÉ™liyi müÅŸtÉ™rilÉ™rÉ™ hÉ™r növ bank mÉ™hsulları üzrÉ™ xidmÉ™t göstÉ™rir. «MuÄŸan Bank» ABÅž BeynÉ™lxalq Ä°nkiÅŸaf Agentliyi (USAID), Avropa YenidÉ™nqurma vÉ™ Ä°nkiÅŸaf Bankı (EBRD), BeynÉ™lxalq MaliyyÉ™ Korporasiyası (IFC), ABÅž-ın «WorldBusiness Capital» (WBC) investisiya fondu, Xarici ÖzÉ™l Ä°nvestisiyalar Korporasiyası (OPIC) vÉ™ ÖzÉ™l Sektorun Ä°nkiÅŸafı üzrÉ™ Ä°slam Korporasiyası (ICD) kimi beynÉ™lxalq iqtisadi qurumlarla É™mÉ™kdaÅŸlıq edir.

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