This picture taken on January 29, 2016 in Lagos shows 1000 naira banknotes, Nigeria's currency. - Nigeria's central bank governor, Godwin Emefiele, on January 26 dismissed calls to devalue the naira in his monetary policy committee statement. Instead he chose to continue propping up the currency at 197-199 naira to the dollar and maintain foreign-exchange restrictions. As a result, the naira on the black market is hovering around a record low of 305, fuelling complaints from domestic and foreign businesses who can't access dollars required for imports. (Photo by PIUS UTOMI EKPEI / AFP) (Photo by PIUS UTOMI EKPEI/AFP via Getty Images)
Access Bank has collaborated with the Dutch Entrepreneurial Development Bank (FMO) to sign a syndicate Tier II Facility agreement valued at $295 million (approximately N442,500,000,000).
According to a statement from the Bank made available to Nairametrics, the agreement highlights a longstanding and successful relationship that has spanned over two decades and represents a crucial step forward in promoting economic growth.
“Access Bank Plc, sub-Saharan Africa’s largest bank by customer base, has celebrated a landmark moment in its partnership with the Dutch Entrepreneurial Development Bank (FMO).
The occasion marked the signing of a monumental syndicate Tier II Facility agreement of USD295 million (equivalent of about N442,500,000,000), underscoring a relationship that has flourished for over two decades,” the Bank said.
The Bank noted that its collaboration with FMO began in 2003, reflecting a shared commitment to economic development in Nigeria.
It noted that the 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.
The bank explained that the investment is the result of a collective effort involving a syndicate of Global 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 emphasises 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.
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.”
