Access Bank has collaborated with the Dutch Entrepreneurial Development Bank (FMO) to sign a syndicate Tier II Facility agreement valued at $295 million (approximately N442,500,000,000).
According to a statement from the Bank made available to Nairametrics, the agreement highlights a longstanding and successful relationship that has spanned over two decades and represents a crucial step forward in promoting economic growth.
“Access Bank Plc, sub-Saharan Africa’s largest bank by customer base, has celebrated a landmark moment in its partnership with the Dutch Entrepreneurial Development Bank (FMO).
The occasion marked the signing of a monumental syndicate Tier II Facility agreement of USD295 million (equivalent of about N442,500,000,000), underscoring a relationship that has flourished for over two decades,” the Bank said.
The Bank noted that its collaboration with FMO began in 2003, reflecting a shared commitment to economic development in Nigeria.
It noted that the latest agreement, the third of its kind arranged by FMO for Access Bank, goes beyond a mere financial transaction, and serves as proof of the deep-rooted trust and synergy between the two institutions.
Syndicate of Global DFI partners
The bank explained that the investment is the result of a collective effort involving a syndicate of Global DFI partners, each playing a crucial role in strengthening Nigeria’s private sector.
The syndicate according to the bank includes names such as British International Investment (BII), Belgian Investment Company for Developing Countries (BIO), BlueOrchard, FinDev Canada, Finnfund of Finland, Norfund of Norway, Oikocredit, and Swedfund of Sweden.
The bank said the financial infusion is earmarked to empower local small and medium-sized enterprises (SMEs), with a particular focus on underserved segments such as youth- and women-owned businesses, agricultural enterprises, and very small enterprises.
Original article or news item written by https://nairametrics.com/author/christopher-ugwu/