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The European Investment Bank has granted AccessBank EUR 20m senior loan

Baku, March 17, 2017. The European Investment Bank (EIB) has provided the second senior loan of EUR 20m to AccessBank. The loan will be utilized by AccessBank to provide financing to small and medium enterprises in Azerbaijan. Since AccessBank is a leading bank in Azerbaijan specialized in providing financial services to local micro and SME businesses in the country, that transaction will further support the development of private sector.

Heinz Olbers, Director of the Neighbouring Countries Department at the EIB, said: “We are pleased to renew our partnership with Access Bank, a well-established financial institution with a solid track record as an important lender to the local economy. Small and medium-sized enterprises provide an important share of employment in Azerbaijan. The funding will enable private sector players to modernise their businesses, create new jobs, and support economic and social development.”

AccessBank’s CEO Michael Hoffmann commented on the transaction; “We highly value the support of the EIB who has been a close partner of us since it launched its operations in Azerbaijan in 2014. In the light of the current challenging economic environment the transaction is an important signal of trust and confidence from the side of the EIB in our Bank and reflects that AccessBank enjoys strong support of its international partners”.

The issued loan contributes to the objectives of the EIB External Lending Mandate, which focuses on the development of the local private sector, in particular support to SMEs, as well as social and economic infrastructure and climate change. .

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