Original disclosure @ IFC website
Updated in EWS Jun 28, 2021
Disclosed by Bank Jun 23, 2020
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According to the IFC website:
The proposed investment consists of a one-year, renewable unsecured senior loan of up to US$50 million to Access Bank PLC under the FIG COVID-19 Emergency Response Working Capital Solutions Envelope (WCS Envelope). The WCS Envelope is designed to provide funding to existing IFC client banks in emerging markets that will then extend new trade-related or working capital loans to companies whose cash flows have been disrupted by the global outbreak of the corona virus pandemic. The WCS facility will support the Bank in increasing its lending to FMCG companies importing raw materials, petroleum products, goods and commodities traders, corporates and Small and Medium Enterprises.
The project involves a one-year, renewable unsecured senior loan of up to US$50 million from IFC’s own account under the FIG COVID-19 Emergency Response WCS Envelope.
Access Bank is a leading full-service commercial bank operating through a network of more than 660 branches and service outlets, spanning 12 countries, and 36 million customers. The Bank employs 28,000 people in its operations and has subsidiaries across Sub-Saharan Africa and the United Kingdom (with a branch in Dubai, United Arab Emirates) and representative offices in China, India, and Lebanon.
Access Bank PLC
Seun Bamidele Olufeko
Group Head, Project & Structured Finance
Plot 999c Danmole Street, Victoria Island, Lagos
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