Finance

Finance

EFSE grants AccessBank in Azerbaijan USD 15 million senior loan

28 January 2014 11:25 (UTC +04:00)

Baku. Nail Huseynli – APA-Economics. The European Fund for Southeast Europe (EFSE) has granted a USD 15 million senior loan facility to AccessBank in Azerbaijan. The loan will support the Bank’s lending activities to micro and small enterprises (MSE) in the rural regions of the country. The new loan facility will allow AccessBank to provide more than 7,000 micro-loans to its customers.

Bank says Monika Beck, Chairperson of the Board of EFSE is pleased to continue their successful partnership with AccessBank through this new loan facility. With its leading position in microfinance complemented by its strong focus on agricultural lending, AccessBank is a great fit for EFSE to reach out to its target groups in the rural areas of Azerbaijan.

Commenting on the signing, Michael Hoffmann, CEO of AccessBank, said that the bank strongly welcomes the support of EFSE as a major partner of AccessBank. The EFSE funds will make a significant contribution to enhance the Bank’s lending activities to micro, small and medium businesses in rural areas where it have established a comprehensive network of branches covering all regions of the country.