A contract for the allocation by the Asian Development Bank (ADB) for the local representation of AccessBank a loan of $ 50 million was signed today.
The document was signed by the General Manager of AccessBank, Michael Hoffman (receiving side), and chief financial specialist of the Department of the private sector, ADB, Rainer Hartel, and director of the Baku office of ADB, Olli Norojono.
Finance allocated for the support of small and medium-sized enterprises, in particular, agriculture, will be returned within five years. According to Hoffman, this is so far the largest two-way contract, but there is hope for overcoming the bar. Today, the credit portfolio of local AccessBank is 300 million manat, of which 110 million is in agriculture.
According to the chief financial officer of the private sector department of the ADB, Rainer Hartel, one of the main objectives in the activities of the international financial architecture is to reduce the level of poverty in partner countries. For 10 years, Azerbaijan has done a great job to reduce the level of poverty. However, it should be recognized that it is mainly observed in the major cities and some areas. Equaling opportunities in all regions is an important task, he said.
AccessBank shareholders are the European Bank for Reconstruction and Development, International Finance Corporation, the Black Sea Trade and Development Bank, Germany's KfW, Access Holding, LFS Financial Systems GmbH.
Azerbaijan is a member of ADB since 1999. The loan portfolio in Azerbaijan is $1.4 billion for projects in energy, transport, agriculture, utilities, private sector development. - 17D-
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