Baku, Finance Time. The Black Sea Trade and Development Bank (BSTDB) is providing a USD 15 million 3-year senior loan to AccessBank (Azerbaijan). The proceeds of the credit line will be on-lent to support the creation, modernization, and expansion of small and medium-sized enterprises (SMEs) especially those in the manufacturing and agricultural sectors. 

“We are pleased to strengthen our cooperation with AccessBank, which was established in 2002 by BSTDB and other development banks.  AccessBank is among the leading banks in SME financing in Azerbaijan.  Through this partnership, BSTDB supports a large number of SMEs and contributes to the non-oil private sector business development by offering easier access to capital resources” said Andrey Kondakov, BSTDB President at the loan signing ceremony in Baku.

This is the third loan facility that BSTDB has granted to AccessBank for SME sector support, bringing the total amount of financing to USD 22 million.

“We strongly welcome the support of our long-term partner BSTDB providing another large scale SME loan to AccessBank. The funds will make a significant contribution to the Bank’s SME lending activities which are directed at supporting the expansion of the dynamically developing SME sector in the non-oil economy of the country”, stated Michael Hoffmann, General Manager of AccessBank Azerbaijan at the event of signing.

The Black Sea Trade and Development Bank is an international financial institution established for the purpose of supporting regional development and cooperation in the Black Sea region. The Bank pursues its mission by providing trade and project financing, guarantees, and equity for development projects supporting both public and private enterprises in its member countries. BSTDB is rated A-/A-2 with stable outlook by Standard & Poor’s, and A3/P2 with stable outlook by Moody’s.

AccessBank was founded in 2002 by BSTDB, EBRD, IFC, KfW and the German consulting company LFS Financial Systems (LFS). AccessBank concentrates on lending to micro and SME businesses. The Bank operates through 37 branches across Azerbaijan and employs 1,565 staff. AccessBank is rated BB+ by Fitch Ratings, the highest rating of any bank in Azerbaijan.