EBRD teams up with AccessBank to support MSMEs in Azerbaijan
The European Bank for Reconstruction and Development (EBRD) is providing a financing package to AccessBank to support the development of micro, small and medium-sized enterprises (MSMEs) in Azerbaijan.
The Bank will provide a syndicated loan of up to €9.24 million with the EBRD as the lender of record, and the European Fund for Southeast Europe (EFSE) as a B lender. The two parties will provide up to €4.6 million each in local currency.
The proceeds will be used for on-lending to local MSMEs to boost their growth and competitiveness.
“The Bank’s renewed cooperation with AccessBank is set to pave the way for wider cooperation in line with the EBRD’s strategic priorities in Azerbaijan. These include the diversification of the country’s economy, enhanced access to finance for local businesses, and further support to the green economy,” the EBRD said in a press release.
The EBRD is the largest institutional investor in Azerbaijan. The Bank has invested more than €3.7 billion in 189 projects to support the diversification of the country’s economy.
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