Development Bank supports micro, small and medium-sized firms in Azerbaijan

Development Bank supports micro, small and medium-sized firms in Azerbaijan
Опубликовано: Monday, 20 May 2024 21:02

The European Bank for Reconstruction and Development (EBRD) is providing a financing package to AccessBank to support the development of micro, small and medium-sized enterprises (MSMEs) in Azerbaijan.

The Bank will provide a syndicated loan of up to US$ 10 million (€ 9.24 million) with the EBRD as the lender of record, and the European Fund for Southeast Europe (EFSE) as a B lender. The two parties will provide up to US$ 5 million (€ 4.6 million) each equivalent in the local currency.

The proceeds will be used for on-lending to local MSMEs to boost their growth and competitiveness. AccessBank aims to provide new financing opportunities across Azerbaijan, to attract new businesses, and to support the country’s sustainable growth.

The Bank’s renewed cooperation with AccessBank is set to pave the way for wider cooperation in line with the EBRD’s strategic priorities in Azerbaijan. These include the diversification of the country’s economy, enhanced access to finance for local businesses, and further support to the green economy.

George Orlov, EBRD’s Financial Institutions Director for Central Asia, Caucasus and Türkiye said: Our mission in Azerbaijan has always been to support not just large-scale projects, but also to empower MSMEs, the backbone of any vibrant economy. With today’s signing, we are supporting AccessBank in extending financing all across Azerbaijan, ensuring that growth and opportunities for MSMEs in Azerbaijan is widespread and inclusive.

Oxana Binzaru, Regional Director at Finance in Motion, Advisor to EFSE, said: "By providing crucial local currency financing to underserved MSMEs, EFSE reaffirms its commitment to fostering economic growth and stability in Azerbaijan. This partnership with AccessBank is a significant step towards empowering local businesses and enhancing their competitiveness."

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Davit Tsiklauri, AccessBank’s Chairman of the Board said: I wish to express my gratitude to the European Bank for Reconstruction and Development (EBRD) and the European Fund for Southeast Europe (EFSE) for selecting AccessBank as their local partner for financing micro, small, and medium-sized enterprises (MSMEs) in Azerbaijan. This partnership underscores our credibility, and we are confident that it will enable us to continue advancing our strategic goals and fostering economic development in the region.

AccessBank is a commercial bank specialising in supporting Azerbaijan’s MSMEs and offering them affordable financial services since 2002.
EFSE is an entrepreneurship fund operating in Southeast Europe and the Eastern Neighbourhood region, providing finance to MSMEs and private households.

The EBRD is the largest institutional investor Azerbaijan. The Bank has invested more than €3.7 billion in 189 projects to support the country’s economic diversification.

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