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Foreign Bank Secures $162.5m Loan for Access Bank

By Dipo Olowookere

A syndicated loan worth $162.5 million has been secured for Access Bank Plc by a Dutch development bank, FMO.

In a statement on Monday by spokesman of Access Bank, Mr Abdul Imoyo, it was disclosed that the loan was put together by Belgian Investment Company for developing countries, Blue Orchard Microfinance Fund, CDC Group Plc, DEG (Deutsche Investitions- und Entwicklungsgesellschaft mbH), Finnfund (Finnish Fund for Industrial Cooperation Ltd), and Oikocredit (Ecumenical Development Cooperative Society U.A).

Also, European Financing Partners S.A, funded by the European Investment Bank, is acting on behalf of the European Community and Norfund (Norwegian Investment Fund for Developing Countries).

The Nigerian lender said the credit facility is mainly to promote growth and job creation by supporting Micro, Small and Medium Enterprises (MSMEs).

As a Tier-II capital, Access Bank would be able to roll out its five-year strategy of becoming Africa’s gateway to the world.

Group Managing Director of Access Bank, Mr Herbert Wigwe, said this loan “further reinforces the fact that our institution remains globally respected and reputable.

“The syndicated facility is geared toward 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.” Chief Investment Officer at FMO, Linda Broekhuizen, while commenting on the loan deal, said through this transaction, “FMO strengthens its long-standing relationship and commitment to our well-reputed client Access Bank.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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