EBRD loan to help boost small businesses in Azerbaijan

 The European Bank for Reconstruction and Development (EBRD) is providing additional funds for loans to small businesses with a loan of up to 15 million US dollars (over €11.4 million) to AccessBank Azerbaijan. A press release said this would allow for the diversification of the bank’s funding base.

With this five-year senior loan, the EBRD is increasing the availability of finance to entrepreneurs in Azerbaijan. It will be providing funds that will help AccessBank Azerbaijan expand its lending portfolio for micro, small and medium-sized enterprises (MSME) in the regions outside Baku. There will be a particular focus on loans for agriculture.
"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,” said Neil McKain, Head of the EBRD’s Resident Office in Azerbaijan, adding: “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."
 “This latest 15 million US dollar 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,” said AccessBank CEO Andrew Pospielovsky.
The EBRD has committed over 1.5 billion US dollars in various sectors of the Azerbaijani economy in about 120 projects, with a focus on promoting small private businesses, developing the banking sector and the non-oil sectors of the economy. (ENPI Info Centre)

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EBRD website
ENPI Info Centre webpage - Azerbaijan


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