Original Source: FMO
Access Bank Plc announced that it has signed a Subordinated Syndicated Loan Agreement totaling USD 162.5 million.
The facility has been arranged by FMO, the Dutch development bank, and is provided together with BIO (Belgian Investment Company for Developing Countries SA/NV), Blue Orchard Microfinance Fund, CDC Group plc, DEG (Deutsche Investitions- und Entwicklungsgesellschaft mbH), Finnfund (Finnish Fund for Industrial Cooperation Ltd), Oikocredit (Ecumenical Development Cooperative Society U.A.) and European Financing Partners S.A, funded by the European Investment Bank acting on behalf of the European Community and Norfund (Norwegian Investment Fund for Developing Countries). FMO acted as the Mandated Lead Arranger and will be the Facility Agent.
The facility will qualify as Tier-II capital, which will enable Access Bank to roll out its 5-year strategy of becoming Africa’s gateway to the world. Part of that strategy is also to deepen the footprint in the retail segment as well as increasingly support local Micro, Small, and Medium-size Enterprises, thereby supporting job creation in the Nigerian economy.
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