JSC Access Bank Azerbaijan draws a second line of credit in the amount of approximately EUR 20 million in a partnership with the European Investment Bank (EIB). The first line was opened on July 11, 2014 in the amount of 25 million Euros.
As EIB said, this loan will help the development of small and medium enterprises in Azerbaijan.
Access Bank was founded in 2002 by the Black Sea Trade and Development Bank, the European Bank for Reconstruction and Development, International Finance Corporation, the German bank KfW, the consulting company LFS Financial Systems (Germany) and Access Holding.
The bank specializes in micro, small and medium-sized businesses and provides consumer loans, having an extensive branch network, which employs over 1,800 people.
Fitch Ratings Agency has awarded Access Bank a rating of BB +, which is the highest credit rating among all the banks of Azerbaijan. --17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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