Access Bank secures N442bn capital through Dutch DFI

Access Bank Plc has signed a syndicate Tier II Facility agreement of N442.50bn($295m) through the Dutch Entrepreneurial Development Bank, FMO.

In a statement on Tuesday, Access Bank said this latest agreement is the third of its kind arranged by FMO for Access Bank and goes beyond a mere financial transaction to serve as proof of the deep-rooted trust and synergy between the two institutions.

It was also revealed that the agreement is the largest syndication in FMO’s history and that the investment was made possible through the collective efforts of a syndicate of Global Development Finance Institution partners including the British International Investment, Belgian Investment Company for Developing Countries, BlueOrchard, FinDev Canada, Finnfund of Finland, Norfund of Norway, Oikocredit, and Swedfund of Sweden.

The signing ceremony, which took place at the Hague, Netherlands was attended by dignitaries including Nigerian Ambassador to the Netherlands, Oluremi Oliyide and representatives from the Dutch government.

The Managing Director of Access Bank Plc, Roosevelt Ogbonna, expressed gratitude to FMO for the 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.

“Today marks a significant milestone in our longstanding partnership 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,” Ogbonna stated.

He highlighted that the funds would be used to catalyse growth across various sectors, stimulate business development, create jobs, and deepen financial inclusion.

“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,” Ogbonna added.

Also, the Chief Executive Officer of FMO, Michael Jongeneel, expressed gratitude to Access Bank and the syndication partners for their outstanding cooperation and collective effort in making the 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,” Jongeneel remarked.