Baku, Azerbaijan, August 17, 2015—IFC,
a member of the World Bank Group, is providing a $25 million subordinated
loan to AccessBank, one of Azerbaijan’s leading financial institutions,
in order to spur lending to smaller businesses, helping drive job creation
and economic development across the country.
IFC’s support to AccessBank, a long-time IFC partner, will help the bank
serve more micro, small, and medium enterprises (MSMEs). Such businesses
are key sources of employment and innovation, but often face limited access
to loans and other vital forms of financing. The project is expected to
contribute to the development of Azerbaijan’s non-oil sector, fostering
“We strongly welcome the support from our close partner and shareholder,
IFC,” commented Michael Hoffmann, CEO of AccessBank. “The funds will
be on-lent through our bank's extensive branch network to our MSME clients,
which will further stimulate the economy in these important market segments.”
Aliya Azimova, IFC Country Representative in Azerbaijan, said: “IFC provides
investment and advisory services to support private sector growth in Azerbaijan.
Our cooperation with AccessBank will increase financial inclusion in Azerbaijan
and boost economic diversification.”
IFC, acting with other international financial institutions, promoted the
establishment of AccessBank in 2002. Since then, the bank has become the
largest financial institution in Azerbaijan specializing in MSMEs, providing
important financial services to the poor.
Azerbaijan became a member of IFC in 1995. Since then, IFC has invested
more than $365 million in 54 long-term finance projects in the financial
services, infrastructure, and manufacturing sectors, and mobilized nearly
$73 million from other lenders. IFC has also supported trade worth about
$78 million through its trade finance program, and implemented advisory
projects focused on private sector development.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in about 100 countries, we use our capital, expertise, and
influence to help eliminate extreme poverty and boost shared prosperity.
In FY14, we provided more than $22 billion in financing to improve lives
in developing countries and tackle the most urgent challenges of development.
For more information, visit www.ifc.org.
AccessBank was founded in 2002 by BSTDB, EBRD, IFC, KfW, the German consulting
company LFS Financial Systems (LFS) and Access Holding. AccessBank provides
loans to micro and small businesses and has a wide network of branches
in Azerbaijan employing more than 2000 people. Fitch Ratings assessed AccessBank
as BBB-, the highest credit rating among all banks in Azerbaijan. For
more information about AccessBank, please visit: www.accessbank.az