*Access Bank Plc announces the signing of a syndicate Tier II facility agreement of $295 million (about N442.5billion) with the Dutch Entrepreneurial Development Bank, reflecting a shared commitment to economic development in Nigeria

Isola Moses | 绿帽献妻

Access Bank Plc has disclosed that its over two decades with the Dutch Entrepreneurial Development Bank (FMO) has paid off, as the leading Nigerian commercial bank, Tuesday, July 16, 2024, signed of a monumental syndicate Tier II Facility agreement of $295 million (about N442.5billion).

绿帽献妻 learnt Access Bank鈥檚 collaboration with the FMO began in 2003, reflecting a shared commitment to economic development in Nigeria.

This latest agreement, the third of its kind arranged by FMO for Access Bank, goes beyond a mere financial transaction, and serves as proof to the deep-rooted trust and synergy between the two institutions.

This historic agreement is the largest syndication in FMO鈥檚 history.

The bank described the transaction as a substantial investment resulting from a collective effort involving a syndicate of Global DFI partners, each playing a crucial role in strengthening Nigeria鈥檚 private sector.

The syndicate, report noted, includes 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.

This 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.

The agreement-signing ceremony was attended by dignitaries, including H.E. Amb. Oluremi Oliyide, Nigerian Ambassador to The Netherlands, and representatives from the Dutch Government.

Speaking on the deal, Roosevelt Ogbonna, Managing Director/Chief Executive Officer (CEO) of Access Bank expressed profound gratitude to FMO for their unwavering support.

Ogbonna also emphasised the bank鈥檚 commitment to becoming the world鈥檚 most respected African bank by adhering to global best practices and maintaining high standards of accountability.

The Managing Director/CEO stated: “Today, marks a significant milestone in our longstanding partnerships with FMO. “This monumental syndicate Tier II Facility agreement underscores the deep-rooted trust and synergy among our institutions.”

He also said: “This facility not only enhances our capital reserves, but also strengthens Africa鈥檚 trade capabilities and export potential.

“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鈥檚 mission to drive progress and development throughout the continent and beyond.”

Significance of syndicated loan facility to Nigerian SMEs, by Jongeneel, CEO of FMO

In his remarks, Michael Jongeneel, CEO of FMO, in a statement said: 鈥淲e extend our gratitude to our longstanding partner, Access Bank, and our syndication partners for their outstanding cooperation and collective effort at making this loan facility a reality.

鈥淭he 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.鈥�

Marchel Gerrmann, representing the Dutch Government, and members of the syndication partners鈥擝II, Finnfund, and BlueOrchard鈥攚ere among the distinguished guests who witnessed this agreement, report noted.