Access Bank secures $280 million in funding from US agency to support SMEs
Access Bank Plc secured a $280 million funding commitment from the International Development Finance Corporation (DFC) to support small businesses in Nigeria.
In a statement on Monday, the public affairs section, WE Consulate General, said Scott Nathan, Managing Director (CEO), DFC and Roosevelt Ogbonna, Managing Director, Access Bank, signed the Letter of Commitment.
According to the statement, the agreement was signed at a ceremony in Nigeria during Nathan’s visit.
He said the loan would help bridge the financing gap for small and medium enterprises (SMEs) and advance financial inclusion in Nigeria.
“The loan is expected to support at least 4,000 new SME loans in Nigeria. In addition, loan proceeds will be on-lent to more than a dozen sectors of the Nigerian economy, with a particular focus on women-owned SMEs and longer-term loans, which will provide more flexibility to borrowers,” the statement read. bed.
In his remarks, Nathan said DFC’s investment in Access Bank demonstrates U.S. support for private sector-led development in Nigeria and across West Africa.
“DFC’s $280 million loan will boost financial inclusion in Nigeria and empower women, thereby boosting the country’s economic growth,” he said.
For her part, Mary Beth Leonard, US Ambassador to Nigeria, said, “We welcome the CEO of the US International Development Finance Corporation, Scott Nathan, to Nigeria.
“We look forward to discussing with the public and private sectors [on] how DFC funding can be leveraged to unlock Nigeria’s full economic potential through support to the country’s small and medium enterprises, financial sector and climate change focused businesses.
Also speaking, Ogbonna welcomed the strategic partnership with DFC to support the multitude of businesses across Nigeria that stand to “benefit from improved access to finance, especially in an environment that needs greater economic diversification”.
“We look forward to using the partnership with DFC to drive economic expansion and inclusion in Nigeria, with a focus on non-oil sectors and women’s businesses,” Ogbonna said.