Access Bank Plc has obtained a syndicated credit facility worth $162.5 million, from the European Investment Bank.
The loan was put together by a group of lenders within the European community, namely: the Netherlands Development Finance Company, the Belgian Investment Company for Developing Countries, Blue Orchid Microfinance Fund, etc.
Purpose of loan: The Nigerian tier-I lender signed the syndicated credit facility to enable it achieve its five-year strategy aimed at bridging the gap between Africa and the world.
The loan will also boost Access Bank‘s plans to deepen its footprint in the retail banking segment, whilst supporting to local micro, small, and medium-sized enterprises will be increased, thereby creating employment opportunity for Nigerians.
Access Bank’s Wigwe reacts: In his reaction to the development, the Group Managing Director/Chief Executive Officer of the bank, Mr Herbert Wigwe, said the bank’s ability to secure the loan is an affirmation of its global reputation.
“We are pleased to have worked with a world-class group of lenders 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 many have been held back due to a lack of access to finance. We believe this relationship will be the beginning of many more international partnerships with such entities.”
Facilitators react – For its role in facilitating the credit, the Chief Investment Officer of Netherlands Development Finance Company, Linda Broekhuizen, said participating lenders are excited about contributing to the growth of Nigeria’s economy.
“FMO is proud to be the mandated lead arranger for this landmark transaction. Through this transaction, the 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 economy and supporting job creation.”
Asides arranging the loan, Netherlands Development Finance Company will also serve as the facility agent.