Azerbaijan, Baku, July 16 / Trend /
Azerbaijani AccessBank received USD 30 mln from KfW Development Bank in the form of a loan, the bank's press release says on Monday.
The term of the loan is five-years and consists of two equal tranches. The first tranche of the loan was disbursed today and, the second tranche will be transferred on August 15, 2012.
The purpose of the loan is to support the growth of AccessBank's loan portfolio. During the first 6 months of 2012, AccessBank's loan portfolio increased by 15% reaching a total volume of USD 436 million.
AccessBank was established to provide access to financial services for Azerbaijan's micro and small businesses and low and middle income households. AccessBank is recognized as the most reliable bank in Azerbaijan by Fitch International Ratings ('BB+ Outlook Stable'), and as "The Best Bank in Azerbaijan" by Global Finance (2011) and Euromoney (2012, 2011 and 2010) in their annual awards as well as "The Bank of the Year" by The Banker (2011).
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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