Azerbaijan's AccessBank attracts $10 mln from Germany's Invest in Visions to finance small, medium-sized businesses

BAKU. Nov 5 (Interfax) - Azerbaijan's AccessBank has attracted $10 million in loans from funds managed by the German company Invest in Visions.

"AccessBank is proud to announce that it has concluded a new loan agreement worth $10 million with funds managed by Invest in Visions with the assistance of Agents for Impact. The money will be used to finance small and medium-sized businesses and support regions' stable economic development," the bank said on its website.

The loan is provided for three years.

AccessBank has been operating in Azerbaijan since 2002. All shareholders of the bank are foreign banks and financial institutions. The largest shareholders of AccessBank are the Asian Development Bank with over 20%, the European Investment Bank with over 17%, and the International Finance Corporation with around 16%.

Invest in Visions GmbH is a "German pioneer in impact investing and micro-financing," its website says. It was founded in 2006 with the aim of providing access to financing for institutional and private investors.