BSTDB Loan to Small- and Medium-sized Enterprises (SMEs) in Azerbaijan
Press Release | 22-Jun-2014
The Black Sea Trade and Development Bank (BSTDB) is providing a new USD 15 million SME Support Loan to Azerbaijan’s AccessBank. The loan proceeds will finance projects for modernization, capacity expansion, diversification of products and services of industrial, agricultural and manufacturing small- and medium-sized enterprises, and working capital requirements.
“Strengthened cooperation with AccessBank is an integral part of BSTDB’s strategy in Azerbaijan, promoting growth and diversification through investment in small- and medium-sized enterprises in the non-oil sector”, said Andrey Kondakov, BSTDB President, at the signing ceremony, which took place in Sofia during the Bank’s Annual Meeting.
“We strongly welcome the support of our long-term partner, BSTDB. The funds will be on-lend to AccessBank’s clients and contribute to the development of the economy in Azerbaijan” commented Michael Hoffmann, CEO of AccessBank, on the transaction.
The new facility builds up on the ongoing, highly successful cooperation between BSTDB and AccessBank. Since 2005, BSTDB has provided USD37 million to AccessBank.
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AccessBank was founded in 2002 by BSTDB, EBRD, IFC, KfW, Access Microfinance Holding AG and the German Consulting Company LFS Financial Systems (LFS) under the name of Micro Finance Bank of Azerbaijan (MFBA). The Bank was re-branded to AccessBank in 2008. AccessBank concentrates on high-yielding small-, micro- and retail lending. The bank has grown rapidly, having developed a network of branches in Azerbaijan. Fitch Ratings assessed AccessBank as BB+, the highest among the banks in Azerbaijan.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s and “A2” by Moody’s. For information on BSTDB, visit www.bstdb.org.
Press contact:
Haroula Christodoulou
Phone: +30 2310 290533
E-mail: cchristodoulou@bstdb.org