|Approval Date||15 May 2014|
|Signature Date||01 Aug 2014|
|Sovereign / Non-Sovereign||Non Sovereign|
|DAC Sector Code||24030|
This project aims to extend a line of credit (LOC) of USD 100 million to Access Bank PLC of Nigeria, for on-lending to small and medium-sized enterprises (SMEs) in various sectors of the Nigerian economy. The LOC will allow Access to secure much needed long-term funding to generate additional lending to its clients. The project complements the efforts of the Government to support the development of the SME sector. It also complements the efforts of the Government as well as other DFIs (notably the World Bank and the IFC) who are all looking at opportunities to SMEs in Nigeria through local banks.
The project will contribute to mobilizing much needed financial resources for enterprises in Nigeria, ultimately enhancing and diversifying productive capacity in the country and stimulating growth in various sectors of the economy. This will increase economic output, improve the country’s competitiveness, generate government and export revenues and create employment opportunities.
The direct beneficiaries of the intervention are Access Bank Plc of Nigeria, the Federal Government of Nigeria, as well as small and medium-sized enterprises (SMEs).
African Development Bank
|Last Update||24 Oct 2020|