EFSE issues loan for AccessBank

Azerbaijani AccessBank has received a loan from the European Fund for Southeast Europe (EFSE) in the amount of $15 million, the bank's press release says on Thursday.

This loan is being extended for a five-year maturity and will be disbursed in two tranches. The Bank has already received the first tranche of $7.5 million. The second tranche is scheduled to be disbursed in February 2012.

The loan is being provided for financing micro and small businesses in Azerbaijan. With its broad customer's base, AccessBank will use the allocated funds to promote the development of entrepreneurship across the country.

"We are pleased to support AccessBank's planned growth strategy in Azerbaijan focusing on MSEs through this financing and look forward to extending the relationship with the Bank", Monika Beck, Chairperson of the EFSE's Board of Directors, said. "As a commercial bank that is fully committed to responsible finance, AccessBank has a significant demonstration effect on other banks in Azerbaijan".

"This is our first loan from the European Fund for Southeast Europe and we are pleased to be starting this new partnership. AccessBank has established a wide pool of financial partners as a result of which AccessBank always has funds for its customers and has earned a reputation as a reliable partner in Azerbaijan," Andrew Pospielovsky, General Manager of AccessBank, commenting on the new loan said.


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