BAKU, Azerbaijan, May 21. The European Bank for Reconstruction and Development (EBRD) is extending a financing package to Azerbaijan's AccessBank to bolster the development of micro, small, and medium-sized enterprises (MSMEs), Trend reports.
As such, the EBRD will provide a syndicated loan of up to $10 million (9.24 million euros), acting as the lender of record, with the European Fund for Southeast Europe (EFSE) participating as a B lender. Each party will contribute up to $5 million (4.6 million euros) in local currency.
The funds will be used for on-lending to local MSMEs to enhance their growth and competitiveness. AccessBank aims to offer new financing opportunities across Azerbaijan, attract new businesses, and support the country's sustainable growth.
"Our mission in Azerbaijan has always been to support not just large-scale projects, but also to empower MSMEs, the backbone of any vibrant economy. With today’s signing, we are supporting AccessBank in extending financing all across Azerbaijan, ensuring that growth and opportunities for MSMEs in Azerbaijan is widespread and inclusive," said George Orlov, EBRD’s Financial Institutions Director for Central Asia, Caucasus and Türkiye.
The EBRD is the largest institutional investor in Azerbaijan. The Bank has invested more than 3.7 billion euros in 189 projects to support the country’s economic diversification.