OREANDA-NEWS. On July 05, 2008 the Micro Finance Bank of Azerbaijan opened another regional branch in the city of Mingachevir, reported the press-centre of Micro Finance Bank of Azerbaijan.

The opening of the branch was made possible by the support of the BP Oil Company and its co-ventures and the International Financial Corporation (IFC). The bank appointed Taleh Feyzulla, an experienced Azerbaijani specialist who has been approved by the National Bank of Azerbaijan, as the branch manager.

IFC’s Senior Operations Manager for Eastern Europe and Central Asia Ivan Ivanov, said, “This project is one of very few examples in the world where the expansion of micro finance to distant rural regions is funded by a private entity, in this case, BP. IFC has a long term partnership with BP and the Micro Finance Bank of Azerbaijan to support sustainable growth by providing access to finance for micro and small enterprises in rural regions.”

The General Manager of MFBA, Andrew Pospielovsky, said, “The opening of the Mingachevir Branch is an important step in the general strategy of the bank to increase access to financial services for micro and small businesses and the general population of Azerbaijan. This is the priority of both the bank and our shareholders – to increase access to financial services and develop the non-oil sectors of the Azerbaijani economy.”

The opening of the Mingechevir branch is the second new regional branch opened by MFBA in 2008 with the support of BP and its co-venturers. In March, a new branch was opened in the most western region of the country, Gazakh.

Prior to the opening of the Mingachevir branch, MFBA had 15 branches in Azerbaijan, nine of which are located in Baku and the others in the largest cities of the country, including Sumgayit, Gandja, Lankaran, Sheki, Khachmaz and Gazakh. The new branch will offer a full range of micro business and retail banking products, including financing, deposit accounts, plastic card services, as well as domestic and international money transfers through Western Union, CoinStar, Privat Money, Bystraya Pochta, Migom, and Moneygram.