Access Bank Signs $93.8m Syndicated Loan With Dutch Development Bank, Others

Access Bank secured a $93.8 million subordinated syndicated loan agreement from the Dutch Development Bank (DMO), French Private Sector Development Bank (Proparco) and Symbiotics, a leading investment firm.

In the statement published by the lender on Tuesday and “Access Bank improves COVID-19 resilience with $93m syndicated loan agreement”, the bank said the loan was structured as a “10 years non-call five years” subordinated debt instrument, benefitting the bank for a period of five years.

Speaking on the new facility, Herbert Wigwe, the Group Managing Director, Access Bank Plc, said the loan agreement would help the bank sustained its ongoing mission to become Africa’s gateway to the world despite the negative impacts of COVID-19 and the plunged in global oil prices in 2020.

He stated, “This deal is in line with our strategy to deepen Access Bank’s 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.

“The need to boost capital is extremely important today in the context of the negative socio-economic impact of COVID-19, hence, the $93.8m Tier-II capital eligible loan will help us continue to sustainably support businesses that need finance.

“These businesses will be able to continually provide essential products and services thereby achieving sustainable and inclusive growth.”