Baku. 16 July. REPORT.AZ/ IFC, a member of the World Bank Group, is providing a $3 million loan to MCB Leasing in Azerbaijan to support small and medium enterprises (SMEs), increasing their access to finance, creating jobs and further boosting economic growth in Azerbaijan, Report was told by Baku office of the World Bank.
According to World Economic Forum’s Global Competitiveness Report 2014-2015, access to finance is the second biggest challenge for businesses in Azerbaijan. Leasing services help provide financing alternatives as they allow businesses to finance the purchase of the important assets they need.
The loan is also part of IFC strategy to support South-South investments. MCB Leasing is majority -owned by MCB Bank Pakistan, the third largest private Pakistani bank and a long-term IFC partner aiming to expand into new international markets.
Azerbaijan became a member of IFC in 1995. Since then, IFC has invested more than $362 million in 53 long-term finance projects in the financial services, infrastructure, and manufacturing sectors, and mobilized almost $73 million from other lenders. IFC has also supported trade worth about $76 million through its trade finance program. IFC has also implemented advisory projects focused on private sector development.