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Reference: 20200731
Release date: 24 February 2023

Promoter – Financial Intermediary

ACCESS BANK PLC

Location

Description

This facility provides a partial portfolio guarantee to the financial intermediary Access Bank to finance eligible investments undertaken by small- and medium-sized enterprises (SMEs) in Nigeria. The focus of the facility is on SMEs owned or managed by female or young entrepreneurs as well as start-ups.

Objectives

The primary objective is to enhance access to finance for SMEs with better terms and conditions, such as reduced collateral requirements and/or lower financing costs. The facility also contributes to alleviate the economic burden due to the COVID-19 outbreak, strengthening the economic resilience and creating job opportunities.

Sector(s)

Proposed EIB finance (Approximate amount)

EUR 7 million

Total cost (Approximate amount)

EUR 50 million

Environmental aspects

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate. Access Bank PLC is in scope for EIB's Paris Alignment Framework (PATH) which supports counterparties on their pathways to align with the Paris Agreement.

Procurement

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

Status

Approved - 18/11/2022

Milestone
Approved
18 November 2022

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Related tags

Nigeria Credit lines