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Monday, November 12, 2018

Azerbaijan's AccessBank receives SME loan from BSTDB for modernization

The Black Sea Trade and Development Bank (BSTDB) said over the weekend that it is providing a new $15 million SME support loan to Azerbaijan's AccessBank.

The loan will be used to help industrial, agricultural and manufacturing small- and medium-sized enterprises finance modernization programs, expansion of capacity, product and services diversification and working capital needs.

"Strengthened cooperation with AccessBank is an integral part of BSTDB's strategy in Azerbaijan, promoting growth and diversification through investment in small- and medium-sized enterprises in the non-oil sector," BSTDB President Andrey Kondakov said at the signing ceremony in Sofia.

Since 2005, BSTDB has loaned AccessBank approximately $37 million.

"We strongly welcome the support of our long-term partner, BSTDB," AccessBank CEO Michael Hoffman said. "The funds will be on-lend to AccessBank's clients and contribute to the development of the economy in Azerbaijan."

BSTDB was established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey and Ukraine to support economic development and regional cooperation among its member countries.