Access Bank to Receive New Loan of EUR 20 Million
JSC Access Bank will receive an additional credit line from the European Investment Bank (EIB).
According to the report of the European investor, it is the second tranche in the amount of 20 million Euros. The goal is to credit private small and medium enterprises in Azerbaijan. The funds are allocated unanimously because Access Bank is a leading local financial institution that funds relatively small businesses.
JSC Access Bank with a capital of AZN 85 million was founded on October 29, 2002. Its founders are 100% foreign financial institutions: Black Sea Trade and Development Bank, the European Bank for Reconstruction and Development, International Finance Corporation, KfW Development Bank of Germany (20%), Access Microfinance Holding AG (16.53%), and LFS Financial Systems GmbH (3.47%). --17D-
Economics
-
Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
-
According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
-
The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
-
"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
Leave a review