IFC to lend $15m to Azerbaijani AccessBank
The International Finance Corporation (IFC) plans to consider allocation of a loan in the amount of $15 million to Azerbaijani AccessBank at the Board meeting on November 5, the IFC said.
"The funds are intended to support the development of micro, small and medium enterprises (MSME) in Azerbaijan," the statement said.
This year AccessBank has already received from the European Bank for Reconstruction and Development (EBRD) $25 million in two tranches to finance MSME.
AccessBank was established to provide access to financial services for Azerbaijan's micro and small businesses and low and middle income households.
AccessBank is 100% foreign owned by six shareholders, consisting of: the European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank - the Development Bank of the German Government (20% per each), Access Microfinance Holding acting in microfinance field as a strategic investor (16.5%), and LFS Financial Systems GmbH - a German consulting company (3.5%).
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