Microfinance Focus June 22, 2011: IFC, a member of the World Bank Group, is providing Turan Bank with a $7 million loan to increase lending to micro and small entrepreneurs in Azerbaijan. The loan will help the bank to diversify its services and expand operations, in rural areas.

Azerbaijan joined IFC in 1995. As of January 2011, IFC has committed $334 million of its funds and arranged nearly $104 million in syndications in Azerbaijan.

IFC’s Corporate Governance Advisory Services Project and Financial Markets Crisis Management Project in Azerbaijan are supported with funds from the Swiss State Secretariat for Economic Affairs, SECO.

Turanbank provides banking product and services to the customers comprising of individuals, small and medium entrepreneurs throughout the network situated both in Baku and regional centers.