Source: ABC AZ.

Original news wire here.

Baku, Fineko, January 15 – The European Bank for Reconstruction and Development (EBRD) started to sign agreements on two syndicated loans (A/B Loan) with the AccessBank (formerly Microfinance Bank of Azerbaijan, MFBA).

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

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

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

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

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