|The Micro Finance Bank of Azerbaijan (MFBA) was opened in Baku on 29 October 2002. It is a closed type, joint-stock bank, owned by six shareholders: the European Bank for Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, the German government’s development agency KfW Development Bank, German consulting company LFS Financial Systems GmbH, which is also responsible for the management of the Bank, and microfinance consultants Access Holding. The MFBA is supported by the European Union and the German government.
The MFBA’s charter capital is AZN 11 million which makes it one of the largest banks in Azerbaijan. MFBA has 13 branches in Baku, Sumgayit, Ganja, Sheki, Lenkoran and Khachmaz. In 2007 the Bank plans to open new branches in Baku and Mingachevir and will continue to expand its branch network over the next few years to cover most regions of Azerbaijan.
At the end of May 2007, MFBA had a loan portfolio of 29,000 credits totalling more than USD 72 million.