OREANDA-NEWS. February 01, 2011. “Muganbank” OJSC made a credit agreement for 10 million US dollars with WorldBusiness Capital Inc (“WBC”), a US-based investment fund. The agreement was approved by Overseas Private Investment Corporation (“OPIC”), an agency of the United States Government. This credit of WBC has a term of 10 years and will support Muganbank’s SME-lending activities in Azerbaijan, primarily for borrowers in construction, agribusiness, transportation and service sectors, reported the press-centre of MUGANBANK.

According to the Bank’s head office, this credit is the first financing for “Muganbank” OJSC by WorldBusinessCapital Inc. The WBC loan will allow Muganbank to maintain the continuous SME lending which is the core component of its strategy and thereby to meet the high credit demands of the local businesses.

“Muganbank” OJSC was established in 1992 based on the license of the National Bank of the Republic of Azerbaijan. The Bank’s branch network includes 30 offices throughout the country due to which the Bank will be able to meet also the interests of SMEs in regions far from the capital.