Int'l group disburses first loan in Azeri currency
The Micro Finance Bank of Azerbaijan (MFBA) received on Friday a
4.2 million manat ($5 million) loan from the SNS Institutional
Microfinance Fund, advised by Developing World Markets.
This is the first loan from an international private-sector financial institution denominated in Azerbaijan's local currency, manat. The funding will be used by MFBA for on-lending to Azeri small business.
The lender is a fund sponsored by SNS Asset Management, part of SNS REAAL, a Netherlands banking and insurance services provider with a total balance sheet of 83 billion euros.
The MFBA was established in 2002 to provide financial services to Azeri small business. It is fully foreign owned by six shareholders: the European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank - the Development Bank of the German Government, and LFS Financial Systems GmbH - a German consulting company, as well as AccessHolding - a strategic investor in microfinance.
This is the first loan from an international private-sector financial institution denominated in Azerbaijan's local currency, manat. The funding will be used by MFBA for on-lending to Azeri small business.
The lender is a fund sponsored by SNS Asset Management, part of SNS REAAL, a Netherlands banking and insurance services provider with a total balance sheet of 83 billion euros.
The MFBA was established in 2002 to provide financial services to Azeri small business. It is fully foreign owned by six shareholders: the European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank - the Development Bank of the German Government, and LFS Financial Systems GmbH - a German consulting company, as well as AccessHolding - a strategic investor in microfinance.
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