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Proparco is supporting Nigerian companies via a loan to Access Bank 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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23322873
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Financing details
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USD 27.5m loan
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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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PNG1076
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Environmental and social ranking
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IF-B
This information is given at the time of signature, without prejudice to any developments in the operation/project.
In Nigeria, the economic and financial sectors have been hard hit by the international health crisis. Proparco is supporting Access Bank via a loan to strengthen its equity so that it can continue to finance its clients, some 200 companies. Through this financing, Proparco is also supporting ABN’s commitment to reduce gender inequality
Client presentation
In 2019, following the merger with Diamond Bank, the 9th largest bank in the country with which it has strong synergies, Access Bank became the leading bank in Nigeria. It has a strong position in the retail, SME and digital banking segments, which drive growth, while maintaining its reputation in the corporate segment. At the end of 2019, AB Group had over 36 million clients, some 650 branches, 3,000 ATMs and operated in 6 other African countries and London via its network of subsidiaries.
Project description
It involves a total of USD 93.8m of financing alongside FMO and Symbiotics. This financing is all the more important during the current economic and financial situation where the international health crisis has had a heavy impact, requiring financial institutions to strengthen their equity so that they can continue to finance their clients. The context is also marked by limited access to resources due to cautious markets.
This project is part of the 2X Challenge initiative. This multi-stakeholder initiative aims to support projects that empower women as entrepreneurs, business leaders, employees and consumers of products and services, and increase their participation in the economy.
This initiative thus contributes to Sustainable Development Goal #5 (Gender Equality).
Project impact
The main expected impacts of this project are as follows:
- Support for the economic development of the country by financing some 200 companies.
- Support for over 7,200 indirect jobs (in the funded companies) and 50 direct jobs at ABN, where women account for 50% of jobs (29% in senior management and 36% on the Board of Directors).
- Support for the reduction of gender inequality: at the end of 2019, ABN had allocated some 800 loans to women and the bank is spearheading the implementation of initiatives for women’s entrepreneurship and leadership in the country, both in the bank and in client companies. In this respect, this operation qualifies for the “2X Challenge”, based on the leadership and employment criteria in the bank.