DFC Commits $280 Million In Financing For Access Bank, Boosting Small Businesses In Nigeria

<h4><strong>DFC Commits &dollar;280 Million In Financing For Access Bank&comma; Boosting Small Businesses In Nigeria<&sol;strong><&sol;h4>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a><&sol;strong> has gathered that  International Development Finance Corporation &lpar;DFC&rpar; CEO Scott Nathan today signed a commitment letter for &dollar;280 million in financing for Access Bank Plc in Nigeria alongside Access Bank Managing Director Roosevelt Ogbonna&period; The loan will help address the financing gap for small- and medium-sized enterprises &lpar;SMEs&rpar; and advance financial inclusion in Nigeria&comma; including through the bank’s commitment to supporting women-owned and -led businesses&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;DFC’s investment in Access Bank demonstrates U&period;S&period; support for private sector-led development in Nigeria and throughout West Africa&comma;” said <a href&equals;"https&colon;&sol;&sol;punchng&period;com&sol;">DFC CEO Scott Nathan<&sol;a>&period; &OpenCurlyDoubleQuote;The &dollar;280 million loan from DFC will boost financial inclusion in Nigeria and empower women&comma; bolstering the country’s economic growth&period;”<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;We welcome U&period;S&period; International Development Finance Corporation CEO Scott Nathan to Nigeria&comma;” said U&period;S&period; Ambassador Mary Beth Leonard&period; &OpenCurlyDoubleQuote;We look forward to discussing with the public and private sectors how DFC funding can be leveraged to unleash the full economic potential of Nigeria through support to the country&&num;8217&semi;s small and medium-sized businesses&comma; financial sector&comma; and climate change-focused enterprises&period;”<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;Access Bank is extremely pleased to announce this strategic partnership with DFC to support the multitude of businesses across Nigeria who stand to benefit from greater access to finance&comma; especially in an environment that is in need of stronger economic diversification&comma; said Roosevelt Ogbonna&comma; Managing Director of Access Bank&period; &OpenCurlyDoubleQuote;We look forward to utilizing the partnership with DFC in driving further economic expansion and inclusion in Nigeria&comma; with a strong focus on non-oil sectors and women businesses&period;”<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;We are delighted to have collaborated with Access Bank and DFC on this significant transaction&comma; which will significantly boost SME corporate activity in Nigeria&comma;” said Rizwan Shaikh Citi EMEA Head of Emerging Markets Corporate Bank&period; &OpenCurlyDoubleQuote;This is yet another milestone stride for Citi as it executes a focused local-economy development strategy based on solid partnerships with key clients and development agencies&period;”<&sol;p>&NewLine;<p>DFC financing for Access Bank will provide needed liquidity given the global economic downturn caused by the COVID-19 pandemic&period; The loan is expected to support at least 4&comma;000 new SME loans in Nigeria&period; In addition&comma; the loan proceeds will be on-lent across more than a dozen sectors in the Nigerian economy&comma; with specific focus on women-owned SMEs&comma; and on loans with longer tenors&comma; which will provide more flexibility to borrowers&period;<&sol;p>&NewLine;<p>Access Bank is one of the largest banks in Nigeria and has banking subsidiaries throughout Africa&period; Citibank acted as the coordinator and arranger&sol;co-lender to help facilitate the loan&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;