IFC approved second loan for Azerbaijan’s AccessBank
Baku, Fineko/abc.az. The International Finance Corporation (IFC) has made a decision to keep on direct crediting for AccessBank (previous Micro Finance Bank of Azerbaijan (MFBA)).
IFC reports that a five-year loan of $15 million was endorsed for AccessBank on 26 February.
“The finances will be allocated from accounts of Corporation itself. Singing of a loan agreement is awaited,” it was informed.
Earlier the loan approval was scheduled for 20 October 2008.
The loan project will provide the Bank with long-term funds for disbursal of loans to micro and small businesses in Azerbaijan. The funding will also allow AccessBank to carry out rural crediting and financing for agricultural enterprises.
The IFC loan solves the issue of limitation of long-term funds at the domestic market.
The Corporation indicates that AccessBank has 16 full branches in Baku and 2 sub-branches out of Baku.
The AccessBank shareholders are IFC (20%), Kreditanstalt Fur Weideraufbau (20%), European Bank for Reconstruction and Development (20%), Access Microfinance Holding AG (16.53%) and LFS Financial Services (3.47%).
This February the Bank set up a record on microfinance operations a month – 6,500 micro-loans in the total amount of $20 million.
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