Increase in Access Bank’s funding participation (conversion from FÖK I)

completed

The measure involves converting part of the subsidized loan into a subsidized participation. Since its establishment in June 2002, Access Bank Azerbaijan (known as Microfinance Bank of Azerbaijan, MFBA until 2008) has greatly expanded lending to micro, small and medium-sized enterprises (MSMEs) in Azerbaijan. The bank is thus contributing to the diversification of the economy, which is heavily focused on the oil sector. Improving MSMEs' access to credit helps to create jobs and income. The branch network improves rural MSMEs' access to financing in particular.