EBRD Signed One of the Two Syndicated Loans with Access Bank

Jan 2009
Baku, Azerbaijan, January, 15 2009 - The European Bank of Reconstruction & Development (EBRD) started to sign agreements on two syndicated loans (A/B Loan) with the Access Bank (formerly Microfinance Bank of Azerbaijan, MFBA).

EBRD informed that by the moment the Banks have signed the first $40 million agreement. A syndicate organized for Access Bank will be used for Micro and Small Entrepreneurship (MSE) development.

EBRD will retain up to $10 million on its own account and up to $30 million under the B-Loan will be offered by the participating commercial banks.

Total financial package makes $60 million and EBRD will extend $5 million under another syndicated loan with raising $15 million more.

MFBA was opened in Baku on 29 October 2002. Its shareholders are EBRD, International Finance Corporation, Black Sea Trade & Development Bank, German bank KfW, German consulting firm LFS Financial Systems GmbH and strategic micro-financing investor AccessHolding.

In 2007 MFBA total assets grew by 141% and by the end of December reached $133 million. The Bank links such growth with raising of large number of credit lines from different financial institutions and investors for more than $60 million.

Source : Access Bank

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