Hague, Netherlands – July 16, 2024: Access Bank PLC, sub-Saharan Africa's largest bank by customer base, has entered into a significant partnership with the Dutch Entrepreneurial Development Bank (FMO). The agreement involves a syndicate Tier II Facility of USD295 million (approximately N442.5 billion), marking over two decades of collaboration between the institutions.
Access Bank's relationship with FMO began in 2003, focusing on economic development in Nigeria. This latest agreement is the third such arrangement facilitated by FMO for Access Bank and highlights the enduring trust and cooperation between them.
Present at the signing ceremony were Michael Jongeneel, CEO of FMO; Roosevelt Ogbonna, MD/CEO of Access Bank Plc; Lisa Sherk from BlueOrchard; Antti Partanen from FinnFund; and Adeola Ukoha from British International Investment. The event took place in Hague, Netherlands.
This agreement represents the largest syndication in FMO's history. It includes contributions from global DFI partners such as 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.
The funds are designated to support local small and medium-sized enterprises (SMEs), particularly those owned by youth and women, agricultural businesses, and very small enterprises.
Roosevelt Ogbonna expressed gratitude to FMO for their continued support and reiterated Access Bank's commitment to becoming a globally respected African bank through adherence to best practices and high accountability standards. He 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."
Michael Jongeneel acknowledged the cooperation that made this loan facility possible: “We extend our gratitude to our longstanding partner, Access Bank, and our syndication partners for their outstanding cooperation... The syndicated loan provides significant support to SMEs in Nigeria.”
The ceremony was attended by dignitaries including H.E. Amb. Oluremi Oliyide, Nigerian Ambassador to the Netherlands; Marchel Gerrmann representing the Dutch government; and members from BII, Finnfund, and BlueOrchard.
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