Access Bank Plc has successfully signed a syndicate Tier II Facility agreement valued at N442.50bn ($295m), facilitated by the Dutch Entrepreneurial Development Bank, FMO, according to a report by The Punch.
In a statement released on Tuesday, Access Bank highlighted that this agreement marks the third arrangement of its kind orchestrated by FMO for the bank. This partnership goes beyond financial collaboration, symbolizing the deep-rooted trust and synergy between the two institutions.
Notably, this agreement represents the largest syndication in FMO’s history. The investment was made possible through the concerted efforts of a syndicate comprising 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, held in The Hague, Netherlands, was attended by distinguished guests, including the Nigerian Ambassador to the Netherlands, Oluremi Oliyide, and representatives from the Dutch government.
Roosevelt Ogbonna, the Managing Director of Access Bank Plc, expressed gratitude towards FMO for their unwavering support. He emphasized the bank’s dedication 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.
Ogbonna further highlighted the strategic use of the funds to foster 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.
Michael Jongeneel, Chief Executive Officer of FMO, also expressed his 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.
