OeEB and the Dutch development bank FMO provide a multi-currency syndicated loan to FINCA Azerbaijan, the leading non-bank microfinance institution in Azerbaijan, with each institution contributing USD 15 million.
This five-year loan facility will support FINCA Azerbaijan in providing its clients with sustainable financing and particularly benefit micro entrepreneurs in rural and remote areas, where the supply of banking services is still limited. The multi-currency facility is partly in Azeri Manat (USD 15 million equivalent), helping FINCA Azerbaijan to sustain its local-currency loan portfolio, reducing currency risk for its clients.
"For many Azerbaijani people, micro businesses form a significant part of household income. By partnering with FINCA Azerbaijan, OeEB can increase the availability of funding for Azeri micro and small businesses and thereby support the creation of jobs," said Andrea Hagmann, Member of the Executive Board of OeEB.
For more information read the full press release