Baku: TuranBank OJSC, a leading institution in Azerbaijan's small and medium business financing sector, has announced the signing of new loan agreements with Belgium's Incofin Investment Management. This initiative aims to bolster financial resources for local entrepreneurs.

According to Azeri-Press News Agency, TuranBank has successfully attracted funds equivalent to USD 1.25 million from the "Incofin Climate-Smart Microfinance Fund" (CSMF) and EUR 2 million from the "Incofin Microfinance Fund" (IMFI). The funds, secured for a duration of three years, will be utilized to finance small and medium businesses with a particular focus on environmentally sustainable projects. This move is set to enhance the accessibility of financial resources in local currency, mitigating exchange rate risks for regional entrepreneurs.

The investment marks a significant step by TuranBank in supporting Azerbaijan's sustainable economic development strategy. By channeling funds into environmentally sound projects, the Bank reinforces its commitment to fostering economic growth while prioritizing ecological considerations. This endeavor is expected to provide a more stable financial environment for SMEs, contributing positively to the regional economy.