Access Bank Plc has raised $295 million (about N442.5 billion) syndicated Tier II facility through the Dutch Entrepreneurial Development Bank (FMO) to serve local small and medium-sized enterprises (SMEs), and the underserved segments such as youth- and women-owned businesses, agricultural enterprises, and micro enterprises.
The syndicate consists of the British International Investment (BII), the Belgian Investment Company for Developing Countries (BIO), the Blue Orchard, FinDev Canada, the Finnfund of Finland, the Norfund of Norway, Oikocredit, and Swedfund of Sweden.
The facility which underscores a relationship that has flourished for over two decades, is a landmark in the partnership of the two lenders to foster economic growth. This financial infusion is earmarked to empower local small and medium-sized enterprises (SMEs), and underserved segments such as youth- and women-owned businesses, agricultural enterprises, and micro-small enterprises.
Access Bank’s collaboration with FMO began in 2003, reflecting a shared commitment to economic development in Nigeria and this latest agreement, the third of its kind arranged by FMO for Access Bank, goes beyond a mere financial transaction and serves as proof of the deep-rooted trust and synergy between the two institutions.
This historic agreement is the largest syndication in FMO’s history. This substantial investment is a collective effort involving a syndicate of Global DFI partners, each playing a crucial role in strengthening Nigeria’s private sector.
The ceremony, attended by dignitaries including H.E. Amb. Oluremi Oliyide, Nigerian Ambassador to the Netherlands, and representatives from the Dutch government saw Roosevelt Ogbonna, CEO of Access Bank Plc, express profound gratitude to FMO for their unwavering 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 enhances our capital reserves and 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.”
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.”
Marchel Gerrmann, representing the Dutch government, and members of the syndication partners—BII, Finnfund, and BlueOrchard—were among the distinguished guests who witnessed this agreement
Insidebusiness.ng
