The European Bank for Reconstruction and Development (EBRD) is providing AccessBank with a financial package to support the development of micro, small, and medium enterprises (MSMEs) in Azerbaijan, according to the press releases by the banks.
According to the agreement, EBRD will act as the main lender by providing a syndicated loan of approximately $10mn (€9.24mn). The B-category creditor is the European Fund for Southeast Europe (EFSE). Both financial institutions will provide AccessBank with a loan worth approximately $5mn (€4.6mn) in local currency equivalent.
AccessBank will use the funds to finance MSMEs to support entrepreneurship development and competitiveness in Azerbaijan. The bank aims to expand financial opportunities for entrepreneurs throughout Azerbaijan to support the country's sustainable development.
EBRD's renewed cooperation with AccessBank aims to pave the way for wider cooperation in line with its strategic priorities in Azerbaijan, including diversifying the economy, expanding financial opportunities for local businesses, and supporting the green economy.
'Our mission in Azerbaijan is not only to support large-scale projects but also to promote MSMEs, which are the basis of any dynamic economy. By signing this agreement, we support AccessBank in its goal of expanding financing throughout Azerbaijan and creating wide and comprehensive opportunities for MSMEs,' said Francis Malige, EBRD's director for financial organizations in Central Asia, the Caucasus, and Turkey.
Oksana Binzaru, advisor of EFSE and regional director of Finance in Motion, noted that by providing financial support to MSMEs in local currency, EFSE confirms its commitment to promoting economic growth and stability in Azerbaijan: Cooperation with AccessBank helps local businesses is an important step in strengthening competitiveness.
Davit Tsiklauri, chairman of the board of AccessBank, expressed his gratitude to EBRD and EFSE for choosing AccessBank as a local partner in financing MSMEs: 'This cooperation is proof of our reliability and we believe that this partnership will allow us to deepen our strategic goals and support economic development in the region.'
AccessBank is a commercial bank supporting MSMEs in Azerbaijan since 2002 and specializes in offering them profitable financial solutions. EFSE is a fund that provides financial support to MSMEs and private households, operating in Southeastern Europe and the Eastern Neighbourhood. EBRD is the largest institutional investor in Azerbaijan. The bank has invested more than €3.7bn in 189 projects to support the diversification of the country's economy.
