AccessBank, USAID sign cooperation agreement
Azerbaijan, Baku, Oct.9 / Trend /
AccessBank and US Agency for International Development (USAID) have concluded an agreement designed to target micro, small and medium-sized enterprises in the agricultural sector. USAID is also including Demirbank in the programme and in total up to USD 3.3 million will be mobilized in additional financing for the agricultural sector over the next five years.
The USAID Caucasus Regional Director, Jonathan Conly, said, "We at USAID are proud to encourage private sector lending in key sectors that are vital to economic development. Development of the country's non-oil sectors is central to USAID's economic growth strategy in Azerbaijan."
Andrew Pospielovsky, General Manager of AccessBank, noted the prospects for growth coming out of the new partnership. "AccessBank is already the leading micro and small business bank in Azerbaijan, providing financing to over 90,000 business clients, as well as the leading agricultural lender with over 35,000 clients. This new agreement with USAID will help AccessBank further expand its agricultural lending, especially in the regions of Azerbaijan."
The mission of AccessBank is to provide access to financial services for Azerbaijan's low- and middle-income households and micro and small businesses. The International Fitch Rating Agency has declared AccessBank the most reliable bank in Azerbaijan among private banks (BB+), and the Euromoney Publication Group recognized AccessBank as "The Best Bank of Azerbaijan in 2010". 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% each), Access Microfinance Holding (16.5%), and LFS Financial Systems GmbH - a German consulting company (3.5%).