ADB plans to allot large debt to one of Azerbaijani banks

The Asian Development Bank (ADB) plans to grant Azerbaijani AccessBank a large credit, a statement released by the ADB said.

As the report says, a $50 million credit will directed towards supporting the activity of the Azerbaijani bank in the sphere of financing micro, small and medium-sized enterprises in the regions of the country.

"The resources allocated by the ADB will support the diversification of the regions of Azerbaijan and the non-oil sector. Due to the well-organized control and dialogue with the management of Accessbank, the ADB will also support the efforts of the bank on the implementation of high standards of corporate governance, social, environmental and other standards, as well as to expand risk management,"ADB's report said.

Azerbaijan has been a member of the ADB since 1999.

The ADB was established in 1966 and has 67 members. The headquarters of the bank is located in the capital of the Philippines, Manila. Azerbaijan became a member of the Asian Development Bank on December 22, 1999. The country's participation share in the bank's capital is 0.5 per cent.

The ADB's leading shareholders are Japan and the US (31.2 per cent of the total share capital), India and China (12.8 percent), and Australia, South Korea and Canada (16 percent).

AccessBank was established to provide financial services for Azerbaijan's micro and small businesses as well as families with middle and low income. AccessBank is recognized as the most reliable bank in Azerbaijan by international rating agency Fitch ("BB+ outlook - stable). At the annual awards ceremonies of Global Finance (2011) and Publishing Group Euromoney (in 2012, 2011 and 2010) the Bank was named The Best Bank in Azerbaijan and won The Banker's award "Bank of the Year" (2011). AccessBank is 100% property of six international financial institutions: AccessHolding, operating in microfinancing as a strategic investor, the European Bank for Reconstruction and Development, International Finance Corporation, the Black Sea Trade and Development Bank, German Government's Development Bank - KfW Development Bank, and German company LFS Financial Systems GmbH. The bank was founded in 2002 by the Black Sea Trade and Development Bank, the European Bank for Reconstruction and Development, the International Finance Corporation, the KfW Development Bank of the German government and the German LFS Financial Systems (LFS) company. The bank has 37 branches with 1565 employees.


/Trend/