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Turanbank, TF

Azerbaijan | Financial Institutions

Identification Code:: OP/22/0006
Total Operation Cost:: 5.000.000 USD
Maturity:: 12 months
Operation Status:: BSTDB Approved Amount – Approval Date

5.000.000 USD – 05 May 2022
: BSTDB Signed Amount – Signed Date

5.000.000 USD – 14 Jun 2022
: Status:
Active
Description and Purpose of the Operation:: Turanbank, TF
Countries of Operation:: Azerbaijan (100,00%)
Financial Product:: Trade Finance
Sector:: Financial Institutions
Domain:: Private
Borrower/Client:: Trade Finance Facility to Turanbank, AZ
Co-Financers/Participants:: N/A
Guarantors/Sponsors:: N/A
Developmental and Regional Cooperation Impact:: The Project is expected to have modest but favorable economic benefits for the Azerbaijani economy, the most relevant being additional tax revenue gains from increased economic activity under the additional amount provided. In addition, the additional amount provided will help further enhance benefits such as increases in employment, increase in export capacity and competitiveness, and multiplier effects for other parts of the economy. Additionally, there is a strong regional cooperation element, as it is explicitly stated that the funding is to be used for "exports from Azerbaijan and imports to Azerbaijan from BSTDB countries." It should be mentioned that other BSTDB countries are important trade partners for Azerbaijan and there won’t be problems in the utilization of the facility.
Environmental Classification and Impact:: Turanbank environmental and social management system is governed by its Corporate Social Responsibility Policy. The policy was developed with the assistance of, and in compliance with IFC environmental and social requirements towards financial intermediaries. Thus, according to the policy statements the Borrower commits to identify and assess any environmental and social risks and impacts which might be associated with its lending activities and take preventive measures to avoid and\or mitigate such risks and impacts and integrate these aspects into the credit approval process. Overall, Turanbank has a functioning environmental and social management system in place, considering that it is staffed appropriately, it efficiently manages risks and impacts that potentially may arise from its portfolio. Turanbank meets the environmental and social requirements of BSTDB towards financial intermediaries.
Operation Leader:: Financial Institutions I
E-mail:: fi1@bstdb.org