IFC to re-consider format of second loan to AccessBank

The International Finance Corporation (IFC) will re-consider plans of direct financing for AccessBank (previous Micro Finance Bank of Azerbaijan (MFBA). The IFC representative to Azerbaijan Aliya Azimova has said that consultations on the loan AccessBank are underway, according to the IFC. The proposed loan project will provide the Bank with long-term funds for disbursal of loans to micro and small businesses in Azerbaijan. Furth­ermore, the funding will allow AccessBank to carry out rural crediting and financing for agricultural enterprises.

“Consultations are linked with change of Azerbaijani banks’ needs because of global financial crisis and change of different aspects of such financing. Consultations are approaching to the end,” Azimova said. Preparation period of the loan to be the second for the Bank has been finished. The terms of approval are not indicated, but earlier it was scheduled for October 20, 2008. IFC is preparing to extend a five-year 15 million Euro loan.

The IFC loan solves the issue of limitation of long-term funds at the domestic market. The Corporation indicates that AccessBank has 16 full branches in Baku and two sub-branches out of Baku. The AccessBank shareholders are IFC (20 percent), Kreditanstalt Fur Weideraufbau (20 percent), the European Bank for Reconst­ruction and Development (20 percent), Access Microfinance Holding AG (16.53 percent) and LFS Financial Services (3.47 percent). At the same time, AccessBank has begun to accept utility payments at all Baku branches of the bank, including the Central, Khalglar Dostlugu, Babek, 20th January, Airport, Azadlig, Elmlar Akademiyasi, Sabail, Bul-bul and Bakikhanov branches. Credit and debit cardholders can also pay their utility bills via Acc?ssBank ATMs throughout the Absheron peninsula. In addition, plastic cardholders can pay for mobile telephone services at ATMs throughout the Azererbaijan.

AccessBank does not charge clients any commission or fees for utility payments. Andrew Pospielovsky, General Manager of AccessBank, welcoming the new service, said, “AccessBank aims to provide a full range of financial services to our customers and to simplify their lives. Now our customers do not need to go to different places to pay their bills and can pay them all at once.” AccessBank has been recognised as the most reliable private bank in Azerbaijan by Fitch Ratings (BB+) and is 100 percent foreign owned by six shareholders, including the European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank – the Development Bank of the German Government (20 percent per each), Access Microfinance Holding acting as a strategic investor in microfinance (16.5 percent), and LFS Financial Systems GmbH – a German consulting company (3.5 percent).