Access Bank Plc has signed a monumental syndicate Tier II Facility agreement of $295 million (equivalent of about N442,500,000,000) with the Dutch Entrepreneurial Development Bank (FMO).
The agreement was signed in the Netherlands on Tuesday, July 16, 2024.
Access Bank, in a statement made available to The Star, noted that its collaboration with FMO began in 2003, reflecting a shared commitment to economic development in Nigeria.
The bank stated: “This latest agreement, the third of its kind arranged by FMO for Access Bank, goes beyond a mere financial transaction, and serves as proof to 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 the result of a collective effort involving a syndicate of Global DFI partners, each playing a crucial role in strengthening Nigeria’s private sector.”
Access Bank listed the syndicate to include 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.
Access Bank targets top 20 position in UK, $1bn profit in 2027
Access Bank said the financial infusion has been 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.
Speaking at the event, the MD/CEO of Access Bank Plc, Roosevelt Ogbonna, expressed gratitude to FMO for their support and emphasised 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.
Ogbonna: “Today (Tuesday) 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.”
In his remarks, the CEO of FMO, Michael Jongeneel, 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.”
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