Baku, Fineko/abc.az. AccessBank OJSC has announced of conclusion of a $15 million loan agreement with the European Bank for Reconstruction & Development (EBRD).

The Bank reports that this 5-year senior loan will allow AccessBank to diversify its funding base and provide additional financing to small businesses.

AccessBank’s general manager Andrew Pospielovsky, upon signing the loan agreement, said: “This $15 million loan marks a decade of close cooperation between AccessBank and EBRD. On behalf of the Bank and our 80,000 business clients we thank the EBRD for this continued support.”

"The EBRD’s strategy for the financial institutions sector in Azerbaijan focuses on improving access to finance for small and rural businesses and promoting regional development. AccessBank’s leadership in MSME finance and regional branch network is crucial as it is the first financial institution to reach out to sectors and regions which are not currently well served," EBRD Director in Azerbaijan Neil McKain said.

The funds involved from EBRD will help AccessBank Azerbaijan in expanding its MSME (micro, small and medium-sized enterprises) lending portfolio in the regions outside of Baku with a particular focus on agricultural lending. In addition the provision of longer tenor financing will strengthen AccessBank’s balance sheet and business model by improving the diversification and maturity of funding.

AccessBank was established to provide access to financial services for Azerbaijan’s micro and small businesses and low and middle income households. AccessBank is recognised as the most reliable bank in Azerbaijan by Fitch International Ratings (’BB+ Outlook Stable’), and as “The best bank in Azerbaijan” by Global Finance (2011) and Euromoney (2010 & 2011) in their annual awards as well as “The Bank of the Year” by The Banker (2011). AccessBank is 100% foreign owned by six shareholders, consisting of: the European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank – the Development Bank of the German Government (20% per each), Access Microfinance Holding acting in microfinance field as a strategic investor (16.5%), and LFS Financial Systems GmbH – a German consulting company (3.5%).

18.04.2012 09:30