Baku, Azerbaijan, July 16, 2015—IFC,
a member of the World Bank Group, is helping MCB Leasing Azerbaijan support
small and medium enterprises (SMEs), increasing their access to finance,
creating jobs, and further boosting economic growth in Azerbaijan.
IFC is providing a $3 million loan to
MCB Leasing, which is among the top 10 privately owned leasing companies
in Azerbaijan and serves clients across the country. Access to finance
is the second biggest challenge for businesses in Azerbaijan, according
to the World Economic Forum’s Global Competitiveness Report 2014-2015.
Leasing services help provide financing alternatives as they allow businesses
to finance the purchase of the important assets they need.
“IFC’s loan will enable MCB Leasing
to scale up our leasing services for smaller enterprises,” said Ramal
Jafarov, Chief Executive Officer of MCB Leasing. “It will also help us
achieve our long-term goal of becoming a model leasing company in Azerbaijan.”
Aliya Azimova, IFC Country Representative
in Azerbaijan, said: “Support to Azerbaijan’s financial sector remains
a strategic priority for IFC as it helps to mobilize the power of the private
sector, which is critical to spurring economic growth. Our cooperation
with MCB Leasing will help create opportunities for smaller enterprises
that otherwise lack the resources they need to grow.”
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 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.
IFC, a member of the World Bank Group,
is the largest global development institution focused exclusively on the
private sector. Working with private enterprises in about 100 countries,
we use our capital, expertise, and influence to help eliminate extreme
poverty and boost shared prosperity. In FY14, we provided more than $22
billion in financing to improve lives in developing countries and tackle
the most urgent challenges of development. For more information, visit
For more information about MCB Leasing,