Finance

Finance

AccessBank to get first synthetic loan in manat from EBRD

08 December 2009 16:22 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-ECONOMICS. During today’s Azerbaijan Investment Summit in London, AccessBank signed an agreement with the European Bank for Reconstruction and Development to get the first synthetic loan in manat.

The bank said the EBRD will provide the loan to AccessBank in U.S. dollars, AccessBankâ€™s liability to the creditor will be in manat equivalent of allocated funds.

Proceeds of the $ 10 million (8 million manat) will go to financing small and medium businesses. The loan came for a period of 4 years.

Microfinance Bank of Azerbaijan changed its name to Access Bank after approval by the Central Bank of Azerbaijan in September, 2008.
The new name derives from the name of one of the shareholders â€“ Access Holding which owns a 16.53% stake.
Besides, the bankâ€™s shareholders are EBRD (20%), IFC (20%), BSTDB (20%), KfW (20%) and LFS Financial Systems GmbH. (2.47%).
The bank has been in operation since 2002. It operates 23 branches, 23 ATMs and 47 POS-terminals