Azerbaijani TuranBank attracts funding from MicroVest

Azerbaijani TuranBank is attracting funds from the U.S. MicroVest, the bank's website reported on Thursday. In accordance with a primary agreement, MicroVest will grant $2.5 million in funding in two tranches to the bank.

The first $950,000 tranche has already been allocated to the bank. The second $1.5 million tranche is expected in March.

MicroVest was established as an intermediary for the financing of microfinancial institutions in 2003. The main goals of its activity are providing capital for institutions with a low income, including microfinancial institutions.

Since early 2003, MicroVest has financed more than 50 such institutions in 25 countries. TuranBank has 25 shareholders. Five are legal entities (21.8%). Twenty are physical entities (78.2%).


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