OREANDA-NEWS.  January 19, 2012. Azerbaijan’s TuranBank has begun spending USD 7 million provided by the International Finance Corporation (IFC) for financing micro, small and medium enterprises (MSME).

According to the Bank, the IFC allocated the finances to it within the 5-year loan agreement on MSME support, signed in May 2011.

"In addition to financing, the Corporation will provide technical support for the bank to create a diversified system of products and services in the regions," it was reported.

TuranBank began its collaboration with the IFC in 2009 from Azerbaijan Corporate Governance Project. It also co-operates with the Corporation within project of risk management and SME Banking.

In 2011, TuranBank signed new agreements with such known international financial institutions. In particular, in March, the Bank signed an agreement with MicroVest (USA), in April with the Bank im Bistum Essen (Germany), in June with the ICD, and in December with the Black Sea Trade & Development Bank (BSTDB).

The Azerbaijani bank has been co-operating with international financial institutions since 1995. Currently, among its partners are the IFC, the Islamic Corporation for Private Sector Development (ICD), Islamic Corporation for Trade Finance (ITFC), the International Fund for Agricultural Development (IFAD), OPIC (USA), BCP (Switzerland), ZiraatBank (Turkey) , BankAsya (Turkey), ЄəkərBank (Turkey), MicroVest (USA), Bank im Bistum Essen (Germany), and the BSTDB.