Historic Partnership Targets Financial Inclusion and Economic Development
Back row (L-R): Lisa Sherk, Head of Investment Analytics, Blue Orchard; Antti Partanen, Investment Manager, FinnFund, and Adeola Ukoha, Coverage Manager Africa, British International Investment at the signing of a N442.5bn (USD295 million) syndicate Tier II Facility agreement in Hague, Netherlands
Access Bank Plc has signed a landmark syndicate Tier II Facility agreement worth $295 million (approximately N442.5 billion) with the Dutch Entrepreneurial Development Bank (FMO). This agreement marks the largest syndication in FMO’s history and reflects a collaboration that has thrived since 2003.
The new facility, facilitated by a global syndicate of development finance institutions (DFIs), aims to empower local small and medium-sized enterprises (SMEs), with a special focus on underserved groups such as youth and women-owned businesses, agricultural enterprises, and very small enterprises. Key syndicate members include British International Investment (BII), Belgian Investment Company for Developing Countries (BIO), BlueOrchard, FinDev Canada, Finnfund, Norfund, Oikocredit, and Swedfund.
Roosevelt Ogbonna, MD/CEO of Access Bank PLC, expressed gratitude for FMO’s enduring support and highlighted the bank’s dedication to global best practices and high accountability standards. “This monumental syndicate Tier II Facility agreement underscores the deep-rooted trust and synergy among our institutions,” Ogbonna stated. He emphasized that the funds would be utilized to enhance capital reserves, strengthen Africa’s trade capabilities, stimulate business growth, create jobs, and deepen financial inclusion.
Michael Jongeneel, CEO of FMO, praised the collaborative effort that brought the loan facility to fruition. He noted that the syndicated loan would significantly support SMEs in Nigeria, especially in underserved segments, aligning with the shared strategy to boost financial inclusion and empower local entrepreneurs in the agribusiness and SME sectors.
The signing ceremony, attended by dignitaries including H.E. Amb. Oluremi Oliyide, Nigerian Ambassador to the Netherlands, and representatives from the Dutch government and various syndication partners, marked a significant milestone in Access Bank’s mission to drive progress and development across the continent.
