Dutch development bank FMO has provided a $75m (£55.6m) multi-currency credit facility to Azerbaijani AccessBank to support lending to small and medium-sized enterprises (SMEs).

AccessBank will use the facility to expand its lending portfolio. It will finance businesses operating in the agricultural sector, women-led enterprises, young entrepreneurs and micro, small and medium-sized enterprises (MSMEs) in Azerbaijan, FMO said.

AccessBank has been lending to MSMEs since 2002, with its shareholders including the Asian Development Bank, the European Investment Bank and the International Finance Corporation.

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The facility comprises $40m of committed capital and a $35m uncommitted tranche, with a four-year tenour, according to FMO.

“Through our partnership with AccessBank, we are helping strengthen the financial infrastructure that entrepreneurs rely on to invest, innovate, and create jobs,” said Frouke Hoekstra, director, financial institutions at FMO.

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The facility forms part of FMO’s 2030 strategy to support the development of local markets and promote long-term economic growth.

FMO has a total committed portfolio of €15.3bn (£13.1bn) spanning more than 85 countries.

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