Azerbaijan, Baku, Aug. 19 / Trend , I.Khalilova/
The German Development Bank KfW is going to send a mission to Azerbaijan to assess the Azerbaijani AccessBank's activity, where the financial institution has a 20-percent share, Head of the KfW Baku Office Natiq Abdullayev said.
"This is a common practice of KfW - to evaluate projects in their implementation, and more than five years have passed since the establishment of AccessBank," said Abdullayev. "In addition, the Azerbaijani Bank has received two loans, and the successful development of the bank increases the volume of its financing in the future."
AccessBank's mission is to provide access to financial services to micro and small business and Azerbaijan's families. AccessBank is owned by six shareholders, including the European Bank for 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% each), Access Microfinance Holding - a strategic microfinance investor (16.5%), and LFS Financial Systems - a German consulting company (3.5%).
In 2008, KfW issued a giant loan to AccessBank that the bank had received from a single creditor in the amount of $22 million. The bank's General Manager Andrew Pospielovsky said these loans in two tranches have already been received in full. This credit has been issued for five years.
Loan resources of AccessBank have been sent to finance micro and small businesses, in order to maintain the development and opening of new jobs.
The German Development Bank KfW and the Germany Government are operating for 60 years. KfW Bank's mission is to improve the conditions of economic and social life of people in developing countries, and the bank itself, for the last 20 years, is one of the main partners in the development of micro small and medium size enterprises in Eastern Europe and CIS countries.
AccessBank is a leading creditor of micro and small businesses in Azerbaijan, monthly issuing over 4,000 business loans worth more than $20 million. As for late July, the bank's loan portfolio exceeded $250 million with a 25-percent increase compared to early 2009.
The bank's authorized capital is 20 million manat.
Do you have any feedback? Contact our journalist at: [email protected]