The Black Sea Trade and Development Bank (BSTDB) signed a $15 million loan with AccessBank on Thursday towards the development of small and medium-sized enterprises (SME) in Azerbaijan.

"Strengthened cooperation with AccessBank is contributing to the implementation of the BSTDB strategy in Azerbaijan to promote growth and diversification of the economy through investment and support to the small business development in the non-oil sector," BSTDB President Andrey Kondakov said at the signing ceremony, according to a press release.

The loan will finance projects for modernization, capacity expansion and diversification of products, as well as services of industrial, agricultural and manufacturing SMEs in Azerbaijan and their working capital requirements.

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

The loan builds on the successful cooperation between BSTDB and AccessBank that was launched in 2005. The new credit line extended to AccessBank increases the total amount of financing to $37 million.