OREANDA-NEWS. September 09, 2009. Despite continuation of global financial recession in current year, which has started since 2nd half of the last year, TuranBank continued actively negotiations with the investment fund of the USA WorldBusiness Capital Inc (WBC) to obtain credit line.

TuranBank reports that as a result, an agreement was signed between TuranBank and WBC in the amount of USD 7.5 million for the term of 10 years.

"Funds will be directed to finance small and medium-sized entrepreneurship,” the bank said.

Let’s remind, that a primary agreement between TuranBank and WBC of mutual understanding was signed on November 10, 2008.

Reception of the credit line was followed by "Due Diligence" for the term of 8 months.

The agreement was approved by the U.S. Overseas Private Investment Corporation – OPIC.

“New loan funds from the American investment company will allow to extend possibilities of the bank in financing of projects of small and medium-sized business among available and new clients of TuranBank. Supported by ОPIC a credit line will be followed by the long-term consultative program, provided by American company, which specializes in consultations of financial sector and will be directed on such spheres as asset-liability management and risk management, development of products, improvement of the systems of struggle against money laundering and financing of terrorism, development of marketing and sale, lending, treasury and liquidity risk managements and information systems management and so on,” the bank said.

TuranBank has long-term experience of financing of small and medium-sized entrepreneurship in Azerbaijan, on which over 40% of present loan portfolio of the bank fall. Let’s remind, the small and medium-sized financing is one of priority-oriented directions of TuranBank.

TuranBank has been functioned in Azerbaijan since 1992. Presently, the bank’s branch network consists of 11 branches, including 6 ones, which are located in Baku and 5 branches are located in the country’s regions (Ganja, Sumgait, Zakatala, Tovuz and Akstafa).