AccessBank has attracted a USD 60 million syndicated loan facility arranged by FMO, the Development Bank of the Netherlands.
The transaction was signed on Tuesday 11th of June. Other lenders under the FMO syndicated loan facility are OeEB, the Austrian Development Bank, and PROPARCO, the French Development Bank who joined as participants. The transaction is the largest refinancing package AccessBank has received from an international lender consortium in its ten years history.
The loan will support AccessBank to further expand its lending activities to micro and small businesses. Through its extensive branch network the Bank expects to distribute large portions of the attracted funds to regional businesses, particularly in rural areas, thereby supporting job creation and economic development in the regions of the country.
From the side of FMO, Jurgen Rigterink, CIO of FMO, commented: “FMO is proud to be the lead arranger of this facility, which allows AccessBank to expand its activities, thereby creating valuable jobs and enhancing the economic development of Azerbaijan”.
“This is a landmark transaction for AccessBank and we strongly appreciate the support and trust of our partners” stated Michael Hoffmann, CEO of AccessBank. “The funds will be an important contribution to further promote our lending activities to micro and SME enterprises in particular in the dynamically developing regional non-oil economy”.
AccessBank was founded in 2002 by BSTDB, EBRD, IFC, KfW and the German consulting company LFS Financial Systems (LFS). AccessBank concentrates on lending to micro and SME businesses. The Bank operates through 37 branches across Azerbaijan and employs 1,565 staff. AccessBank is rated BB+ by Fitch Ratings, the highest rating of any bank in Azerbaijan.
About FMO
FMO supports sustainable private sector growth in developing and emerging markets by investing in ambitious entrepreneurs. FMO believes a strong private sector leads to economic and social development, empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With an investment portfolio of EUR 6.3 billion, FMO is one of the largest European bilateral private sector development banks.
