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According to the Bank’s website, the project entails an unfunded Risk Sharing Facility (“RSF) of up to US 10 million equivalent in LCY (Sierra Leonean Leones), guaranteeing 50% of an up to US$20 million small and medium enterprises (“SME”) loan portfolio to be originated by Access Bank Sierra Leone Limited (“Access SL” or the “ABSL”) based in Sierra Leone. The Project will support the Bank to enhance its lending to SMEs, particularly women-owned and managed SMEs (“WSME and WMSMEs”). The Project is the first of IFC’s re-engagement in Sierra Leone after a GTFP transaction with Guaranty Trust Bank (Sierra Leone) in 2021. The Project would be processed under IFC’s Small Loans Guarantee Program (“SLGP”), a programmatic approach to de-risk and scale-up financing for SMEs in eligible countries.
The project consists of an unfunded risk sharing facility (“RSF”) guaranteeing 50% of a small and medium enterprises (“SME”) loan portfolio to be originated by Access Bank Sierra Leone Limited (ABSL). The Project will support the Bank to enhance its lending to SMEs, particularly women SMEs (“WSME”) with a 25% carve out for WSMEs. The Bank indicated exposure to sectors such as Construction and Real Estate; Consumer Goods; Finance and Insurance; Plastic and Rubber; and Telecommunications. The E&S risks and impacts associated with the supported SME activities are considered limited and readily addressed through established mitigation measures. These risks are typically associated with occupational health and safety, waste and hazardous waste management, and air emissions, among others. The labor practices at AFB are generally aligned with IFC Performance Standard 2: Labor and Working Conditions. However, the bank will have to develop employee grievance mechanism. The overall portfolio risk is considered medium. For this investment, the Bank will be required to screen eligible SME loans against the IFC Exclusion List and Sierra Leone environmental and social laws and regulations. The Project has been categorized as FI-2 in accordance with IFC’s Sustainability Policy.
An up to US$10 million unfunded Risk Sharing Facility equivalent in LCY, guaranteeing 50% of an up to US$20 million small and medium enterprises (“SME”) loan portfolio. The Bank operates 9 branches (7 branches from ABSL & 2 branches from acquiring Standard Chartered Sierra Leone), a total of 380 staffs and serves 80,000 customers.
Access Bank Sierra Leone Limited is a Tier III bank in Sierra Leone and ranks as the 5th largest bank in the country. ABSL is wholly owned by Access Bank PLC, which holds a 99% stake. ABSL is one of 15 subsidiaries of Access Bank PLC, the largest commercial bank in Nigeria by total assets.
Access Bank Sierra Leone
Mr Ganiyu Sanni
Country Managing Director
+2348029496845 / +23233424221
GANIYU.SANNI@accessbankplc.com
Access Bank (SL) Ltd, 30 Siaka Stevens Street, Freetown, Sierra Leone
https://sierraleone.accessbankplc.com/
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