AccessBank, the leading bank for micro, small, and medium-sized enterprises (MSMEs) in Azerbaijan, and the Global Climate Partnership Fund S.A., managed by responsAbility Investments AG, have signed a senior unsecured loan agreement with the first committed tranche of AZN 8.5 million.
In accordance with the agreement, the loan proceeds will be directed to promote financing of energy efficiency and renewable energy projects of the MSME businesses in Azerbaijan. The five-year facility is provided with technical assistance and advisory support sponsored by the GCPF, which will be directed to develop AccessBank’s “green lending” capabilities and enable the deployment of the loan proceeds to eligible “green projects”.
“We are delighted to announce AccessBank's pioneering step in Azerbaijan by securing the inaugural borrowing from the Global Climate Partnership Fund S.A. This milestone reflects our commitment to sustainable finance, enabling us to further empower “green initiatives” and bolster environmental resilience in Azerbaijan” – claimed Davit Tsiklauri, Chairman of the Management Board of AccessBank.
“Azerbaijan’s commitment to accelerate its “green economic” transformation has led to the launch of several climate-friendly policy reforms, which are expected to contribute to country’s decarbonization path and economic diversification. AccessBank’s pioneering vision and commitment to scaling climate-positive lending solutions impressed us from the very first meeting. The bank’s strong positioning in the MSME segments provides a unique platform for catalyzing the deployment of renewable energy and energy efficiency investments across Azerbaijan. We look forward to providing GCPF’s tailor-made advisory and technical assistance in support of the bank’s “green lending” journey” – claimed David Diaz Formidoni, Head of Financial Institution Investments, Climate Finance at responsAbility Investments AG.
Building on this vision, AccessBank's collaboration with the Global Climate Partnership Fund (GCPF) plays a crucial role. The GCPF, managed by responsAbility Investments AG, is a Luxembourg-based fund established in 2009 by entities including the German Federal Ministry for the Environment, KfW Entwicklungsbank, and the International Finance Corporation. As a leading public-private partnership, the GCPF is dedicated to mitigating climate change in emerging and developing markets by financing projects that enhance energy efficiency and renewable energy. The Fund specifically targets initiatives that not only promise significant energy savings but also aim for at least a 20% reduction in projected greenhouse gas emissions.
AccessBank has been a leader in the microfinancing market and has been providing services to small and medium-sized enterprises since 2002. The bank's shareholders include the Asian Development Bank, the European Investment Bank, the International Finance Corporation, and other international organizations and investment funds. With 32 branch offices, including 14 in Baku and 18 in regions, AccessBank continues to offer accessible financing options for MSMEs.
For more information on the services provided by AccessBank, call 151 or visit their website at www.accessbank.az . You can also follow the bank's social media accounts on Facebook, Instagram, LinkedIn.
*AccessBank CJSC provides its services under license No. 245 dated 25 October 2002, issued by the Central Bank of the Republic of Azerbaijan. The bank's headquarters are located in Baku city, Yasamal district, Tbilisi Avenue 3.