Azerbaijan, Baku, May 3 /Trend/
АссessBank has concluded an agreement with the Asian Development Bank (ADB) to prolong and expand its participation in ADB's Trade Finance Support Program, the bank reported. Under this program AccessBank is able to use ADB's guarantees to provide international guarantees to AccessBank clients for trade financing. This helps the Bank's clients to purchase equipment and goods from international suppliers without prepayment. AccessBank already provides international trade financing in cooperation with both ADB and other international financial institutions.
Andrew Pospielovsky, General Manager of AccessBank commenting on the conclusion of this agreement said: "We are grateful to the Asian Development Bank for prolongation of cooperation in trade-financing. International guarantees are still a new financial instrument for Azerbaijani businesses, but we see great potential for development of customers' demand for this instrument".
ADB is an international development finance institution whose mission is to help its developing member countries reduce poverty and improve the quality of life of their people. Established in 1966, ADB is owned and financed by its 67 members providing sources for financing the bank.
AccessBank's mission is to provide access to financial services for Azerbaijan's low and middle income households and micro and small businesses. The International Fitch Rating Agency has recognised AccessBank as the most reliable bank in Azerbaijan (BB+). AccessBank is 100% foreign owned by six shareholders, consisting of: the European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank - the Development Bank of the German Government (20% each), Access Microfinance Holding - a strategic investor in microfinance (16.5%), and LFS Financial Systems - a German consulting company (3.5%).