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Azerbaijan : EBRD additionally funds AccessBank
Publish Date : 18-Apr-2012
The European Bank for Reconstruction and Development (EBRD) is additionally funding AccessBank Azerbaijan for credits to small businesses with a loan of around $15 million, enabling a diversification of the bank\'s funding base.
With this five-year senior loan, the global funding agency is increasing the availability of loans to the businessmen of Azerbaijan. The EBRD is offering the loan to AccessBank Azerbaijan for helping it to expand its MSME (micro, small and medium-sized enterprise) lending portfolio in the regions outside Baku with a special focus on agricultural loans.
Additionally the provision of longer tenor funding will strengthen AccessBank\'s balance sheet and business model by enhancing the diversification and maturity of financin.
Head of the EBRD\'s Resident Office in Azerbaijan, Neil McKain, stated : \"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 networks is crucial as it is the first financial institution to reach out to sectors and regions which are not currently well served.\"
On signing the agreement for loan, AccessBank CEO Dr Andrew Pospielovsky, added : \"This latest 15 million USD loan marks a decade of close cooperation between AccessBank and the EBRD. On behalf of the Bank and our 80,000 business clients we thank the EBRD for this continued support.\"
