AccessBank Signs a USD 50 million Loan Agreement with the Asian Development Bank
Baku, 24 July 2013
The Asian Development Bank (ADB) will provide a USD 50 million 5-year senior loan to AccessBank Azerbaijan. The purpose of the loan is to support the bank’s lending activities to micro and SME businesses in rural areas of Azerbaijan with a focus on agricultural businesses and farmers. The ADB loan is the single largest bilateral refinancing facility so far provided by an international financial institution to AccessBank, which pushes the cooperation between both partners to a new level.
“We are proud to work with AccessBank in further expanding its support to small businesses and farmers in Azerbaijan’s underserved regions. We believe that the bank may lead the way for other commercial banks to tap this market opportunity. The loan is a platform for a relationship with the bank in improving rural financial inclusion in Azerbaijan as well as developing similar business in Central Asia, where AccessHolding, AccessBank’s parent, has a footprint” stated Rainer Hartel, Principal Financial Specialist at ADB’s Private Sector Department at the signing ceremony in Baku.
“We highly appreciate the support of the Asian Development Bank as a major partner of AccessBank. The ADB funds will make a significant contribution to enhance the bank’s lending activities to micro, small and medium businesses in rural areas where we have established a comprehensive network of branches covering all regions of the country”, commented Michael Hoffmann, CEO of AccessBank.
Asian Development Bank, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration. Established in 1966, it is owned by 67 members (48 from the region). In 2012, ADB assistance totaled $21.6 billion, including cofinancing of $8.3 billion.
AccessBank Azerbaijan was founded in 2002 with the aim to provide local micro and SME businesses with access to credit and other banking services. To date the bank operates through 37 branches across Azerbaijan and employs 1,565 staff. AccessBank is rated BB+ by Fitch Ratings, the highest rating of any bank in Azerbaijan.
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