ADB lends Azerbaijan's AccessBank $50 mln for crediting small, midsized business
BAKU. July 24 (Interfax) - The Asian Development Bank (ADB) has extended Azerbaijan's AccessBank a credit of $50 million to be using for lending to small and midsized business, an Interfax correspondent reported from the credit agreement signing ceremonies in Baku on Wednesday.
The credit is good for five years. The agreement was signed by ADB principal investment specialist Rainer Hartel, ADB banking director Olli Noroyono, and AccessBank General Manager Mikhail Hoffman.
"This is the biggest bilateral credit. We will put these funds towards crediting not only the agriculture sector, but also other spheres of the non-oil sector in rural areas," Hoffman said.
At present, the bank's credit portfolio amounts to more than three hundred million manat, of which one hundred ten million manat involves the agricultural complex.
"It is very important to us to be close to our clients. So we intend to open several branches before the end of this year. At the present time, we are considering all possible options," Hoffman said.
"One of the main goals in the ADB's activities is reducing the poverty rate in partner countries. Over ten years, Azerbaijan has done a lot of work on reducing the poverty level. But a reduction of poverty in this country is mainly observed in major cities and several regions. One of the main goals of issuing this credit is precisely the development of the economy in rural areas," Noroyono said.
Stockholders in AccessBank are the European Bank for Reconstruction and Development, International Finance Corporation, Black Sea Trade and Development Bank, KfW, Access Holding, and LFS Financial Systems GmbH.
Azerbaijan has been a member of the ADB since 1999. The bank's credit portfolio in Azerbaijan is $1.4 billion for projects in energy, transport, agriculture, residential services, and private sector development.
The official exchange rate for July 24: 0.7844 manat/$1.
