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FMO and BIO, the Belgian Investment Company For Developing Countries,are providing continued support to the financial sector in Ghana with long-term capital that extends financing to local small, and medium-sized enterprises (SMEs).
As part of this effort, FMO has now provided a syndicated senior loan facility of $54 million to Fidelity Bank Ghana (Fidelity). The facility was arranged by FMO and is comprised of A-loans from FMO ($25 million) and BIO ($15 million). In addition, participants in the B-loan include Symbiotics ($6 million), Oikocredit ($5 million) and Incofin ($3 million).
“This syndicated facility is a next step in a longstanding relationship between FMO and Fidelity” said Jurgen Rigterink, CEO of FMO. “It will increase access to finance for local SMEs and will therefore have a great impact on local companies and the creation of jobs.”
The Managing Director of Fidelity, Mr. Jim Baiden, expressed optimism that the partnership will go a long way to help Ghana’s SME sector. “FMO and Fidelity have had a long-standing partnership based on our mutual interest in developing the SME sector and this facility signifies our growing relationship with development financiers; our new partnership with BIO, Oikocredit and Symbiotics is expected to broaden our coverage of SME financing in Ghana” he stated.
FMO (the Netherlands Development Finance Company) is the Dutch development bank. FMO supports sustainable private sector growth in developing and emerging markets by investing in ambitious entrepreneurs. FMO believes a strong private sector leads to economic and social development, empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With an investment portfolio of EUR 9.8 billion, FMO is one of the largest European bilateral private sector development banks. (www.fmo.nl)
About Fidelity Bank Ghana
Fidelity Bank Ghana was issued with its universal banking license on June 28th 2006, making it the 22nd bank to be licensed by the Bank of Ghana under the new Banking Act, 2004 (Act 673). Fidelity is owned by individual and institutional Ghanaian and foreign investors including Africa Capital, SIC Life, SSNIT, KTH Africa Investments, Amethis Finance Netherkands B. V., ERES Invest Cooperatief U. A., and also by its senior executives.
Fidelity currently has seventy-five (75) branches, over one hundred and ten (110) ATMs nationwide and is the fourth largest bank in Ghana by deposits and assets. Fidelity has two corporate affiliates: Fidelity Asia Bank Limited (FABL), and Fidelity Securities Limited (FSL).