BAKU, Azerbaijan, September 3. AccessBank and the European Bank for Reconstruction and Development (EBRD) will sign an agreement for joint lending to companies in Azerbaijan, Chairman of the Management Board of AccessBank Davit Tsiklauri told Trend.
"AccessBank has executed numerous agreements with the EBRD this
year and has already initiated the utilization of the funds. In
addition, we will be signing a Risk Sharing Facility agreement with
the EBRD in the near future. This agreement provides us with the
opportunity to participate in collaborative lending to companies
located in Azerbaijan.
We are discussing the joint provision of a loan to a specific
Azerbaijani company, as opposed to the conventional arrangement in
which the EBRD provides funds and we issue them as loans. It
enables us to finance more substantial initiatives. By
collaborating with the EBRD, we can consolidate our resources and
offer a loan that would surpass the potential limits if we were
operating independently," he said.
Tsiklauri noted that this is the first of its kind in Azerbaijan and expressed hope that in the long run, the EBRD would be able to spread this approach with AccessBank to other banks as well.
"This will have a positive effect on lending to large companies, as they will no longer be limited to seeking financing solely from large banks for their projects," he concluded.