Release date: 24 February 2023
Promoter – Financial Intermediary
ACCESS BANK PLCLocation
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)
- Credit lines - Credit lines
Proposed EIB finance (Approximate amount)
EUR 8 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
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).