ADB provides Azerbaijani AccessBank with largest in its history credit (PHOTO)
Azerbaijan, Baku, July 24 /Trend A.Akhundov /
The Asian Development Bank (ADB) has provided Azerbaijani AccessBank with a $50 million credit. The credit, on which an agreement was signed in Baku on Wednesday, will support the activity of the Azerbaijani bank in the financing of micro-, small- and medium-sized enterprises in the regions of the country.
During the ceremony of signing AccessBank's CEO Michael Hoffmann noted that it is the largest credit in bank's history, attracted from one structure. Credit was attracted for a period of five years.
"The purpose of attracting these funds is to support small and medium-sized enterprises in the regions of the country," Hoffmann said.
According to him, today more than 60 percent of bank's 47 branches are located in regions of the country. Agriculture crediting portfolio significantly grew in recent years, reaching $110 million.
The head of ADB's Baku office Olly Norojono said that the bank is supporting the government in implementing the policy of diversification of the economy. This credit will be a successful step within this cooperation.
He said that ADB's portfolio in the state sector in Azerbaijan has reached one billion dollars.
Azerbaijan has been a member of ADB since December 22, 1999.
ADB was established in 1966 and has 67 members. The company's headquarters is located in the capital of the Philippines, Manila. Azerbaijan became a member of the Asian Development Bank on December 22, 1999. The country's participation share in the bank's capital is 0.5 percent.
ADB's leading shareholders are Japan and the United States (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent).
AccessBank was established to provide financial services for Azerbaijan's micro and small businesses as well as families with middle and low income. AccessBank is recognized as the most reliable bank in Azerbaijan by international rating agency Fitch ("BB+ outlook - stable). At the annual awards ceremonies of Global Finance (2011) and Publishing Group Euromoney (in 2012, 2011 and 2010) the Bank was named The Best Bank in Azerbaijan and won The Banker's award "Bank of the Year" (2011). The bank was founded in 2002 by the Black Sea Trade and Development Bank, the European Bank for Reconstruction and Development, the International Finance Corporation, the KfW Development Bank of the German government and the German LFS Financial Systems (LFS) company.