Access Bank Plc has successfully signed a syndicate Tier II Facility agreement valued at N442.50 billion ($295 million) through the Dutch Entrepreneurial Development Bank, FMO. This landmark agreement, announced on Tuesday, marks the third collaboration between Access Bank and FMO, showcasing the profound trust and synergy between the two institutions.
The agreement stands as the largest syndication in FMO’s history, made possible through the collective efforts of global development finance institutions. Key partners include 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 notable dignitaries, including Nigerian Ambassador to the Netherlands, Oluremi Oliyide, and representatives from the Dutch government.
Roosevelt Ogbonna, Managing Director of Access Bank Plc, expressed profound gratitude to FMO for their support. He emphasized Access Bank’s commitment 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 highlighted that the funds would be utilized to stimulate growth across various sectors, foster 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, CEO of FMO, also expressed his gratitude to Access Bank and the syndication partners for their exceptional cooperation in realizing the loan facility.
“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.
