AccessBank receives first tranche of USD 22m loan from KfW

AccessBank receives first tranche of USD 22m loan from KfW
# 02 December 2008 10:00 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. Today AccessBank received the first USD 12 million tranche of a USD 22 million loan from the German Development Bank KfW. This is the largest loan that AccessBank has received from a single lender and is being provided for a period of five years.
KfW is also a shareholder of AccessBank. The funds will be used to AccessBank to provide financing for Micro and Small businesses to help them develop and create employment.
As of October 1, AccessBank’s assets stood at AZN 187.532 million, loan portfolio at AZN 158.718 million, deposit portfolio at AZN 17.208 million, total capital at AZN 39.665 million and authorized capital at AZN 20 million.
Microfinance Bank of Azerbaijan changed its name to Access Bank after approval by the National Bank of Azerbaijan in September.
Access Bank is owned by EBRD (20%), IFC (20%), BSTDB (20%), Access Holding (16.53%), KfW German Development Bank (20%), and LFS Financial Systems (3.47%). The bank has been in operation since 2002.
KfW Development Bank is part of the German government-owned KfW Banking Group. The Group has been active for already 60 years. In 2007 it committed a total of USD 110 billion for projects in Germany, Europe and worldwide. KfW Development Bank is committed to improving the economic and social conditions of people in all developing and transitional countries and has been one of the key players in developing micro and SME finance in Eastern Europe and the CIS over the past 20-years.
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THE OPERATION IS BEING PERFORMED