Access Bank has partnered with the Dutch Entrepreneurial Development Bank (FMO) to secure a syndicated Tier II Facility agreement valued at $295 million (approximately N442.5 billion).
According to a statement from the bank provided to newsmen, this agreement underscores a longstanding and successful relationship that has spanned over two decades and marks a significant step forward in promoting economic growth.
The bank highlighted that its collaboration with FMO began in 2003, reflecting a shared commitment to economic development in Nigeria.
This latest agreement, the third of its kind arranged by FMO for Access Bank, is more than just a financial transaction; it serves as a testament to the deep-rooted trust and synergy between the two institutions.
The bank explained that the investment is the result of a collective effort involving a syndicate of global Development Finance Institution (DFI) partners, each playing a crucial role in strengthening Nigeria’s private sector.
The syndicate according to the bank includes names such as British International Investment (BII), Belgian Investment Company for Developing Countries (BIO), BlueOrchard, FinDev Canada, Finnfund of Finland, Norfund of Norway, Oikocredit, and Swedfund of Sweden.
The bank said the financial infusion is earmarked to empower local small and medium-sized enterprises (SMEs), with a particular focus on underserved segments such as youth- and women-owned businesses, agricultural enterprises, and very small enterprises.
Mr. Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, expresses profound gratitude to FMO for their support and emphasise the bank’s commitment to becoming the world’s most respected African bank by adhering to global best practices and maintaining high standards of accountability.
“Today marks a significant milestone in our longstanding partnerships with FMO. This monumental syndicate Tier II Facility agreement underscores the deep-rooted trust and synergy among our institutions.
“This facility not only enhances our capital reserves but also strengthens Africa’s trade capabilities and export potential. Putting these funds to use, we aim to catalyse growth across various sectors, stimulate business development, create jobs, and deepen financial inclusion, aligning with Access Bank’s mission to drive progress and development throughout the continent and beyond,” he said.
Mr. Michael Jongeneel, CEO of FMO, stated:
“We extend our gratitude to our longstanding partner, Access Bank, and our syndication partners for their outstanding cooperation and collective effort in making this loan facility a reality.
The syndicated loan provides significant support to SMEs in Nigeria, particularly underserved segments such as women and young entrepreneurs, aligning perfectly with our shared strategy to enhance financial inclusion and empower local entrepreneurs in the agribusiness and SME sectors.”
