ADB to allocate $50 million to Azerbaijan bank
By Nigar Orujova
The Asian Development Bank plans to allocate a large loan to AccessBank in Azerbaijan, ADB said.
According to ADB, the $50 million credit will be directed to supporting the activity of AccessBank in financing micro, small and medium-sized enterprises in Azerbaijani regions.
The funds allocated by ADB will support the diversification of the regions of Azerbaijan and the non-oil sector, the bank said.
"Due to the well-organized control and dialogue with the management of AccessBank, ADB will also support the efforts of the bank on implementing high standards of corporate governance, social, environmental and other standards, as well as on expanding risk management," it said.
In June, ADB forecast that Azerbaijan's non-oil sector will be a major driver of growth in 2013 and over the next few years.
Azerbaijan is a member of ADB since 1999. The country's share in the bank's capital is 0.5 percent.
AccessBank was established to provide financial services for Azerbaijan's micro and small businesses as well as families with middle and low income. It is recognized as the most reliable bank in Azerbaijan by international rating agency Fitch ("BB+ outlook - stable).
At the annual awards ceremonies of Global Finance (2011) and Euromoney (in 2012, 2011 and 2010) AccessBank was named The Best Bank in Azerbaijan and won The Banker's award "Bank of the Year" in 2011.
AccessBank is owned by six international financial institutions, including AccessHolding, operating in micro financing as a strategic investor, the European Bank for Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, German state development bank KfW, and German company LFS Financial Systems GmbH.
The bank, founded in 2002, has 37 branches with 1,565 employees.