Line of Credit to Access Bank Plc - Nigeria


Project Summary

Approval Date 13 Dec 2006
Signature Date 27 Aug 2007
Sovereign / Non-Sovereign Non Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 25,075,046.03
Status Completion

Project General Description

African Development Bank (ADB) approved on Wednesday, 13 December 2006, in Tunis a Line of Credit (LOC) of US$ 35 million to Access Bank PLC of Nigeria. This Line of Crédit aims to contribute to economic growth through increased investment and provision of sound financial infrastructure for savings and increase access to long term finance for business enabling infrastructure such as telecommunications, ports and airport infrastructure. It will be used for the provision of project finance, specifically to finance the purchase or importation of capital and replacement equipment as well as machinery which will be used to increase the productive capacities and the export potential of the sub-borrowers.

Project Objectives

The Project Objective are: improved supply of long term foreign exchange currency lending to Nigerian corporate and SMEs clients primarily in the infrastructure sector, by developing the domestic financial sector and capital markets, Improved competitiveness and operations efficiency and increased access to long term finance for below ADB threshold projects

Beneficiaries

The primary beneficiary is Access Bank PLC of Nigeria and the secondary is the private sector

Participating Organization

Funding
African Development Bank

Information

IATI identifier 46002-P-NG-HAB-007
Last Update 15 Jun 2021

Export

Contact Details

Email private-sector@afdb.org

Geographic Location

Country Nigeria