MFBA signs $2mn loan agreement with Triodos

The funds will be used by MFBA to provide further loans to support the growth of Azeri micro and small businesses. The term of the Facility is two years and is the second such facility concluded by MFBA with Triodos, APA reports.

The funds are being provided by Stichting Triodos-Doen, which is a Dutch based foundation that provides financing to micro-finance institutions, and by the Triodos Fair Share Fund which is a Social-Ethical Investment Fund, recognized as such by the Dutch government.

In total MFBA has now attracted USD 36.5 million in funds for the development of micro and small and medium enterprises in Azerbaijan.

MFBA credit portfolio has now surpassed USD 32 million with over 10,000 clients and an average loan size of around USD 3,000. MFBA also offers other banking services, including deposits for individual and corporate clients and money transfer services, including Western Union, Travelex and PrivatMoney.

MFBA is owned by five international organizations, including the BSTDB, the European Bank for Reconstruction and Development, the International Finance Corporation, KfW Development Bank and LFS Financial Systems.