The FINANCIAL — According to APA-Economics, the Islamic Corporation for Private Sector Development (ICD) and Azerbaijan-based Turanbank have signed a $1 million loan agreement.
The bank said the loan came for 6 years with a grace period of two years.The loan will be on-lent to small and medium-sized enterprises.
As of December 1, the bank’s assets stood at AZN 56.085 million, loan portfolio at AZN 43.181 million, deposit portfolio at AZN 22.052 million, aggregate capital at AZN 15.540 million and authorized capital at AZN 11 million. The bank operates 11 branches throughout the country.
Turanbank, owned by 17 legal and 37 individual bodies, has been in operation since 1992.
