Swiss Investment Fund
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AccessBank Azerbaijan

AccessBank (formerly Micro Finance Bank of Azerbaijan) was founded in October 2002 as a greenfield bank with the aim of becoming the leading provider of financial services to privately owned micro, small and medium enterprises (MSMEs) in Azerbaijan. The bank operates under a full banking license from the Central Bank of the Republic of Azerbaijan and provides a comprehensive range of financial services. Its principal business activity is small and micro lending to individuals and legal entities. The bank’s dual objective of commercial sustainability and development impact is reflected by the structure of its founding shareholders who are mostly IFIs, namely EBRD, IFC, KfW, and Black Sea Trade & Development Bank, as well as AccessHolding. In December 2014, Fitch Ratings upgraded Azerbaijan’s AccessBank Long-term Issuer Default Rating (IDR) to BBB-.

AccessBank Azerbaijan

AccessBank (formerly Micro Finance Bank of Azerbaijan) was founded in October 2002 as a greenfield bank with the aim of becoming the leading provider of financial services to privately owned micro, small and medium enterprises (MSMEs) in Azerbaijan. The bank operates under a full banking license from the Central Bank of the Republic of Azerbaijan and provides a comprehensive range of financial services. Its principal business activity is small and micro lending to individuals and legal entities. The bank’s dual objective of commercial sustainability and development impact is reflected by the structure of its founding shareholders who are mostly IFIs, namely EBRD, IFC, KfW, and Black Sea Trade & Development Bank, as well as AccessHolding. In December 2014, Fitch Ratings upgraded Azerbaijan’s AccessBank Long-term Issuer Default Rating (IDR) to BBB-.

About the fund

The limited access to finance constitutes a major impediment to private sector growth in Azerbaijan, particularly for MSMEs. By targeting the typically underserved MSMEs, AccessBank supports their sustained growth which in turn positively impacts the development of competitive sectors such as trade, services and production, as well as generates employment. The Bank’s micro, small and medium loans made up more than 85% of the total loan portfolio in 2014. 

In 2007 SIFEM invested USD 6.0 million as a Senior Loan to AccessBank, which was fully repaid in 2013. In 2014 SIFEM invested USD 10.0 million as a subordinated Loan to AccessBank which was converted into equity in the course of a restructuring of the bank in March 2019.

Reference code
2007-07
Status
Active
Date of commmitment
November 2007
Date of exit
-
SIFEM commitment
USD
10,000,000
Asset class
Private Debt
Investment strategy
Direct Investment
Fund manager
AccessBank Azerbaijan