Access Bank on Monday said it had signed a subordinated syndicated Loan agreement worth $162.5 million (N58.18 billion) to promote growth and job creation by supporting Micro, Small and Medium Enterprises (MSMEs).
The bank’s Spokesman, Abdul Imoyo, said in a statement in Lagos that the facility was arranged by FMO, a Dutch development bank, and was provided together with BIO, a Belgian Investment Company for Developing Countries. Others include Blue Orchard Microfinance Fund, CDC Group plc, DEG (Deutsche Investitions and Entwicklungsgesellschaft mbH), Finnfund (Finnish Fund for Industrial Cooperation Ltd), Oikocredit (Ecumenical Development Cooperative Society U.A).
Also, European Financing Partners S.A, funded by the European Investment Bank, is acting on behalf of the European Community and Norfund (Norwegian Investment Fund for Developing Countries). According to the bank, FMO acted as the mandated lead arranger and will be the facility agent. It said the facility would qualify as Tier-II capital, which would enable Access Bank to roll out its five-year strategy of becoming Africa’s gateway to the world.