OREANDA-NEWS. December 15, 2014. The European Fund for Southeast Europe (EFSE) and MuganBank OJSC (MuganBank) are partnering to support the development of micro and small enterprises (MSEs) in the rural regions of Azerbaijan. The partnership is being inaugurated with a USD 5 million senior loan facility provided by the EFSE.

MuganBank already holds a strong position in financing micro, small and medium enterprises (MSMEs) in Azerbaijan, and is working to expand it in the years to come. MuganBank currently serves this segment through a network of 42 branches. The EFSE loan will enable the bank to provide additional long-term financing to MSMEs, especially in the underserved rural regions of Azerbaijan.

“We welcome MuganBank to our network of partner lending institutions,” says Monika Beck, Chairperson of the Board of EFSE. “With its continuous commitment to the EFSE’s target group of micro and small enterprises, MuganBank consistently proves a strong ally in our mission to contribute to income generation and employment creation by supporting MSMEs.”

“MuganBank has a strong expertise in financing micro, small and medium enterprises in Azerbaijan. The USD 5 million senior loan facility issued by the EFSE adds value to our existing MSME portfolio. It provides us with the financial resources to effectively reach out to rural businesses in Azerbaijan and service country’s more remote areas. We highly appreciate the EFSE’s committed partnership in supporting the development of MSMEs in rural Azerbaijan,” says Elmir Hasanov, Chairman of the Board of MuganBank.