Baku, Finance Time.  AccessBank signed the first loan agreement under the EBRD co-financing facility (MCFF) with its long-term client Eurohome. The Bank will provide financing to Eurohome jointly with the EBRD for the development of new construction markets in Azerbaijan.

On behalf of AccessBank, CEO Michael Hoffmann commented: “We strongly welcome this first co-financing project with our partner and shareholder EBRD which reflects the close relationship between both of our institutions. Eurohome is a strong and experienced player in the Azerbaijani construction material market. The project funded under the co-financing facility is a good example of forward looking investment in an economically challenging period.”

From the side of EBRD, Neil McKain, Head of the EBRD in Azerbaijan Baku Resident Office stated: “We are pleased to support Eurohome alongside AccessBank in this important transaction.  At a difficult time for the non-oil private sector it is essential that we continue to work with competitive independent companies with the aim of diversifying the economy.”    

AccessBank CJSC was founded in 2002 by BSTDB, EBRD, IFC, KfW, the German consulting company LFS Financial Systems (LFS) and AccessHolding. AccessBank is a leading universal bank in Azerbaijan focusing on SME and Micro finance. The Bank offers a full range of banking services through its wide branch network in the country, employing about 1800 staff.