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Access Bank Plc announced that it has signed a Subordinated Syndicated Loan Agreement totaling USD 162.5 million.
The facility has been arranged by FMO, the Dutch development bank, and is provided together with BIO (Belgian Investment Company for Developing Countries SA/NV), Blue Orchard Microfinance Fund, CDC Group plc, DEG (Deutsche Investitions- und Entwicklungsgesellschaft mbH), Finnfund (Finnish Fund for Industrial Cooperation Ltd), Oikocredit (Ecumenical Development Cooperative Society U.A.) and European Financing Partners S.A, funded by the European Investment Bank acting on behalf of the European Community and Norfund (Norwegian Investment Fund for Developing Countries). FMO acted as the Mandated Lead Arranger and will be the Facility Agent.
The facility will qualify as Tier-II capital, which will enable Access Bank to roll out its 5-year strategy of becoming Africa’s gateway to the world. Part of that strategy is also to deepen the footprint in the retail segment as well as increasingly support local Micro, Small, and Medium-size Enterprises, thereby supporting job creation in the Nigerian economy.
Speaking on the transaction, Herbert Wigwe, Group Managing Director and Chief Executive Officer at Access Bank plc said “We are pleased to have worked with a group of world-class lenders (led by the FMO) on this transaction. The deal further reinforces the fact that our institution remains globally respected and reputable. The syndicated facility is geared towards supporting the Bank’s efforts to promote the growth and job creation potential of the private sector through improved access to financing. Additionally, specific attention will also be paid to strengthening Micro, Small, and Medium-size Enterprises as too many have been held back due to a lack of access to finance.”
Linda Broekhuizen, Chief Investment Officer at FMO said: “FMO is proud to be the Mandated Lead Arranger for this landmark transaction. Through this transaction, FMO strengthens its long-standing relationship and commitment to our well-reputed client Access Bank. All lenders are pleased to be significant contributors to fostering the Nigerian SMEs and supporting job creation in a country with an unemployment rate of 23%.”