International Finance Corporation (IFC) is providing a $15 million loan to Azerbaijan's AccessBank, an IFC representative in Baku reported on Monday, according to Trend news agency.
"Growth of micro and small businesses is often hampered by a lack of access to financial services in particular in the regions of the country and for small agricultural businesses. AccessBank was created to close this gap and to create a more inclusive financial system. IFC's loan will help us move forward in this direction," Michael Hoffmann, general manager of AccessBank said.
This loan will help the bank expand its lending to small or middle businesses, low income entrepreneurs for the further creation of jobs and promotion of economic development.
Azerbaijan became a member of IFC in 1995. Since then IFC has invested about $364 million in Azerbaijan to support more than 60 private sector projects in the financial services, infrastructure and manufacturing sectors.
AccessBank's mission is to provide financial services to Azerbaijani families and micro and small entrepreneurs. The bank is fully owned by six shareholders: the European Bank for Reconstruction and Development, International Finance Corporation, the Black Sea Trade and Development Bank, the Development Bank of the German Government - KfW Development Bank (each 20 per cent), AccessHolding, in microfinance as strategic investor (16.5 per cent), and German LFS Financial Systems GmbH (3.5 per cent).