According to the Azeri Press Association, the Micro Finance Bank of Azerbaijan (MFBA) has been officially renamed Access Bank. The name stems from Access Holding, which controls a 16.53 percent stake in the microfinance institution (MFI). The news comes after MFBA recently attracted increased funding from the IFC and British Petroleum (BP).
Search Results for: "MFBA"
MICROCAPITAL STORY: Fitch Ratings Assigns the Micro Finance Bank of Azerbaijan (MFBA) a Grade of BB+
PRESS RELEASE: Micro Finance Bank of Azerbaijan (MFBA) Highest Rated Private Bank in Azerbaijan
Source: Micro Finance Bank of Azerbaijan.
MICROCAPITAL STORY: International Finance Corporation (IFC) and BP (British Petroleum) to Finance New MFBA (Micro Finance Bank of Azerbaijan) Branch Offices
World Bank unit IFC (International Finance Corporation) and energy giant BP (British Petroleum) have announced a partnership to assist for-profit microlender MFBA (Micro Finance Bank of Azerbaijan) in expanding microfinance services to Azerbaijan’s untapped rural regions. IFC’s and BP’s assistance will consist of financial support for the establishment of additional MFBA branch offices in the country’s untapped rural areas. BP’s assistance is provided via its affiliate, nonprofit BP Foundation. Neither BP Foundation nor IFC disclosed a specific amount of financial support.
PRESS RELEASE: Micro Finance Bank of Azerbaijan (MFBA) Opens New Branch in Mingachevir
Source: Micro Finance Bank of Azerbaijan (MFBA).
MICROCAPITAL STORY: The European Bank for Reconstruction and Development (EBRD) increases syndicated loan for Microfinance Bank of Azerbaijan (MFBA) up to USD 40 million
The Board of Directors of the European Bank for Reconstruction and Development (EBRD), an international bank established in 1991 to support market economies and democracies in countries from central Europe to central Asia, will meet to discuss an increase in previously announced syndicated loan to Microfinance Bank of Azerbaijan (MFBA).
MICROCAPITAL STORY: Oikocredit of the Netherlands Loans $10.3m to Microfinance Institutions Opportunity Bank Montenegro, Micro Finance Bank of Azerbaijian (MFBA) and Inicjatywa Mikro of Poland
CGAP (Consultative Group to Assist the Poor) reported in its recent list of transactions that Oikocredit, a Dutch investment fund formed by the World Council of Churches, lent USD 6.2 million to commercial bank Opportunity Bank Montenegro, USD 2.5 million to commercial bank Micro Finance Bank of Azerbaijian (MFBA) and USD 1.6 million to Inicjatywa Mikro, a Polish microfinance institution (MFI).
PRESS RELEASE: Micro Finance Bank of Azerbaijan (MFBA) Shareholders Agree to Increase Capital by $11m for Total Capitalization of $40m
Source: Micro Finance Bank of Azerbaijan.
MICROCAPITAL STORY: The European Bank for Reconstruction and Development (EBRD) will Extend a $30m Syndicated Loan to the Micro Finance Bank of Azerbaijan (MFBA) for On-lending to Micro Enterprises
The Board of Directors of the London-based European Bank for Reconstruction and Development (EBRD), an international bank utilizing investment tools to encourage democracy and market economies from central Asia to central Europe since 1991, will discuss an upcoming syndicated loan to the Micro Finance Bank of Azerbaijan (MFBA) on May 12th. The loan will be worth USD 30 million, as reported by the Azeri-Press Agency (APA). The EBRD will finance USD 10 million of the loan and the remaining USD 20 million will be offered to the syndication market on “B loan” terms.
MICROCAPITAL STORY: Dexia Micro-Credit Fund of Luxembourg Lends $1m to Microfinance Institution CCA, $1m to Microfinance Institution Credo, $5m to BancoSol Bank, $5m to Microfinance Institution FINDESA, $5m to MFBA Bank, $3m to ProCredit Holding, $5m to ProCredit Bank, $1.5m to Microfinance Institution LOKmicro, and $500k to Microfinance Institution AMK
The Microfinance Capital Markets Newsletter of the Consultative Group to Assist the Poor (CGAP) reported that Dexia Micro-Credit Fund, a Luxembourg-based fund, issued loans of USD 1 million to microfinance institution (MFI) CCA of Cameroon, USD 1 million to MFI Credo of Georgia, USD 5 million to Bolivian bank BancoSol, USD 5 million to MFI FINDESA of Nicaragua, USD 5 million to Azerbaijani bank MFBA, USD 3 million to ProCredit Holding, USD 5 million to ProCredit Bank, USD 1.5 million to MFI LOKmicro of Bosnia, and USD 500,000 to MFI AMK of Cambodia.
PRESS RELEASE: Micro Finance Bank of Azerbaijan (MFBA) Completes $25m Bond Issue Arranged by Developing World Markets (DWM)
Source: Micro Finance Bank of Azerbaijan (MFBA).
MICROCAPITAL STORY: Swiss Investment Fund for Emerging Markets (SIFEM) Lends USD 6 Million to Micro Finance Bank of Azerbaijan (MFBA)
Swiss Investment Fund for Emerging Markets (SIFEM), on behalf of Swiss Confederation, granted a six-year USD 6 million loan to Micro Finance Bank of Azerbaijan (MFBA), marking the first deal between the two entities. The loan will be applied toward financing micro, small, and agricultural businesses of Azerbaijan; a minimum of USD 3 million will be used exclusively for granting agrarian credit, a bank product that MFBA first launched in August 2007. By supporting Azerbaijan’s agricultural sector, SIFEM hopes to foster a diversification of the Azerbaijan economy away from oil and gas sectors.
MICROCAPITAL STORY: Micro Finance Bank of Azerbaijan (MFBA) Plans to Expand Reach from Microfinance to Mortgage Credit Market
The Micro Finance Bank of Azerbaijan (MFBA), a commercial bank that was established in 2002 to provide financial services to privately-owned micro and small enterprises (MSEs) in Azerbaijan, plans to appear in the domestic mortgage lending market. The bank does not currently participate in the state mortgage lending program, but is taking steps to launch its own mortgage program. AMFB board member Anar Hasanov said that the bank has met all the preconditions for financing mortgage operations as an independent commercial entity. The issue is currently under consideration by MFBA shareholders. No program conditions have yet been outlined.
MICROCAPITAL STORY: Micro Finance Bank of Azerbaijan (MFBA) Issues Bonds Worth USD 11.4m Through Developing World Market’s (DWM) Management to Finance Microfinance Operations
Micro Finance Bank of Azerbaijan (MFBA), a central Asian and eastern European microfinance institution (MFI), has issued USD 11.4 million in bonds to international capital investors. Developing World Markets (DWM), a US-based asset management firm, sponsored and arranged the investment deal, which took place in Luxembourg, through a specially created investment vehicle titled MFBA Bond I. The debt accrued by MFBA through the bond issuance has been categorized as senior debt, with a five-year term for repayment. MFBA will use the loaned capital to finance micro loans for Azeri small businesses.
NEWS WIRE: Microfinance Bank of Azerbaijan (MFBA) Receives its Largest Ever Loan
MICROCAPITAL STORY: Micro Finance Bank of Azerbaijan (MFBA) Sells 4.3 million in Shares to EBRD, Black Sea Trade and Development Bank, IFC, KfW, LFS Financial Systems, and AccessHolding
This story comes to us here at MicroCapital.org courtesy of the May 2007 CGAP-MIX Capital Markets Update Newsletter. The Micro Finance Bank of Azerbaijan (MFBA) sells USD 4.3 mn of its shares to six investors: EBRD, Black Sea Trade and Development, IFC, KfW, LFS Financial Systems, and AccessHolding. The European Bank for Reconstruction and Development (EBRD) invested the equivalent of USD 1.1 mn in MFBA. The EBRD is a multilateral institution that was formed in 1991 to support market economies and democracies from Central Europe to Central Asia. The organization currently works with more than 70 commercial banks and non-banking financial institutions to support microbusiness and microfinance. To date it has lent more than USD 1bn to facilitate more than USD 15 bn of microloans in the region.
MICROCAPITAL BRIEF: Patrick Gold Microfinance Launches Digital Banking Platforms GetriPay, GetriSave in Nigeria
Patrick Gold Microfinance Bank, a Nigerian financial institution, recently launched the GetriPay and GetriSave digital banking platforms. GetriSave allows users to earn up to 13 percent interest on savings plus monthly loyalty rewards. GetriPay offers: (1) no-cost withdrawals from automated teller machines (ATMs), including an unlimited number of such transactions from Zenith Bank ATMs; (2)
MICROCAPITAL BRIEF: Green for Growth Fund Lending MF Banka $5.5m to Promote Renewable Energy, Efficiency Among SMEs in Bosnia and Herzegovina
The Green for Growth Fund (GGF), a public-private partnership registered in Luxembourg, recently partnered with MF Banka a.d. Banja Luka, a bank that primarily serves small and medium-sized enterprises (SMEs) in Bosnia and Herzegovina, to expand the bank’s lending for energy efficiency and renewable energy projects. MF Banka is borrowing EUR 5 million (USD 5.5 million) from GGF to fund