IFC to issue new loan to AccessBank

IFC to issue new loan to AccessBank

The International Finance Corporation (IFC) plans to consider allocation of a loan in the amount of $15 million to Azerbaijani AccessBank at the Board meeting on November 5, 2012, the IFC said on Tuesday.

“The funds are intended to support the development of micro, small and medium enterprises (MSME) in Azerbaijan,” the statement said.

This year AccessBank has already received from the European Bank for Reconstruction and Development (EBRD) $25 million in two tranches to finance micro-, small and medium enterprises.

AccessBank was established to provide access to financial services for Azerbaijan’s micro and small businesses and low and middle income households. AccessBank is recognized 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 (2012, 2011 and 2010) 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%).

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