OREANDA-NEWS. April 18, 2012. AccessBank announced today that it had concluded a USD 15m loan agreement with the European Bank for Reconstruction and Development (EBRD). This five-year senior loan will allow AccessBank to diversify its funding base and provide additional financing to small businesses.

Andrew Pospielovsky, General Manager of AccessBank, upon signing the loan agreement said, “This latest USD 15m loan marks a decade of close cooperation between AccessBank and EBRD. On behalf of the Bank and our 80,000 business clients we thank the EBRD for this continued support.”

"The EBRD's strategy for the financial institutions sector in Azerbaijan focuses on improving access to finance for small and rural businesses and promoting regional development. AccessBank's leadership in MSME finance and regional branch network is crucial as it is the first financial institution to reach out to sectors and regions which are not currently well served," said Neil McKain, EBRD Director in Azerbaijan.

The funds involved from EBRD will help AccessBank Azerbaijan in expanding its MSME (micro, small and medium-sized enterprises) lending portfolio in the regions outside of Baku with a particular focus on agricultural lending. In addition the provision of longer tenor financing will strengthen AccessBank’s balance sheet and business model by improving the diversification and maturity of funding.