EBRD APPROVES $28m SYNDICATED LOAN TO AZERI ACCESSBANK - AZERTAC

The Azerbaijan State News Agency

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EBRD APPROVES $28m SYNDICATED LOAN TO AZERI ACCESSBANK

21.11.2008 [11:57]
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European Bank for Reconstruction and Development (EBRD) approved a $28 million syndicated loan to Azerbaijan`s AccessBank.

The loan is meant to deliver financing to the country`s micro and small enterprises.

The funding comprises a three-year $10 million A-loan for the EBRD’s own account and a three-year $18 million B-loan, of which $10 million have been taken up by the Netherlands Development Finance Company (FMO) and the remaining $8 million by WGZ Bank, Erste Bank and First Bank of Nigeria.

General Manager of AccessBank Andrew Pospielovsky said: “The successful syndication of this loan, at a time of international financial crisis, is a demonstration of the strength of AccessBank and the Azerbaijan economy”.

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