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Access Bank: A loan to promote financing for agribusinesses in Nigeria
Project
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Signature date
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Location
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Nigeria
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Financing tool
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Financing amount (Euro)
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21022536
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Financing details
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Loan of USD 25m
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Customer
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ACCESS BANK PLC
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Type of customer
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Financial institution
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Country of headquarters
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Nigeria
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Project number
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PNG1063
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Environmental and social ranking
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IF-A
The loan allocated to Access Bank and earmarked to finance agricultural companies is supporting the development and modernization of the job-creating agriculture sector in Nigeria.
Client presentation
Access Bank was set up 28 years ago and has become a major player in Nigeria’s banking sector, following the takeover of Intercontinental Bank in 2011. It has since strengthened its position and become the 4th largest bank on the market by the size of its balance sheet (USD 10bn). The bank has 380 branches and employs some 4,000 people around the world.
Project description
The project involves a USD 100m loan syndicated by FMO in which PROPARCO has a USD 25m participation. This financing is allowing Access Bank to develop its financing activity for the agriculture sector.
Project impact
By promoting financing for agribusinesses, this project will support the modernization of the sector and create direct jobs (Access Bank currently employs some 3,000 people in Nigeria, 44% being women,) and indirect jobs via support to companies which create local jobs.