The secured facility, which is the first engagement between Access Bank and the European Union’s long-term lending institution, falls under a wider initiative to support private investment in the country and further develop Ghana’s financial sector.
Speaking on the transaction, the Managing Director of Access Bank, Mr. Dolapo Ogundimu highlighted that the support from the EIB is a demonstration of the confidence investment partners have in the governance and risk management structures of the bank.
He mentioned that the partnership with the EIB further underscores Access Bank’s commitment in becoming a major contributor of Ghana’s economic development and it is in pursuit of the vision to be the World’s most respected African Bank
“We appreciate the support we have received from the European Investment Bank in availing this lending facility. It constitutes a significant step in achieving the vision and building an enduring banking institution that can provide the necessary financial support to our customers and other businesses across the country” Mr Ogundimu concluded.
The new credit line by the European Investment Bank is the second funding Access Bank has received within the last one year, the first being a $40million facility from the FMO and PROPARCO. It will allow Access Bank to provide loans for companies across Ghana whose cash flows are denominated in foreign currencies, with a tenor of up to 8 years which represents a much longer maturity than typically available at present in the country.
The facility will further strengthen the Bank’s ability to support investment in agriculture, manufacturing, construction, transport, education and healthcare as well as reinforcing long-term investment by Ghanaian companies crucial for supporting economic growth, benefiting from new business opportunities and creating jobs.
Congratulating Access Bank on the deal, the Vice President of European Investment Bank, Mr. Pim van Ballekom, mentioned the new engagement with Access Bank is part of a wider initiative by the European Investment Bank to strengthen the banking sector in Ghana through backing expansion of branch networks, IT systems and staff training.
He said, “Over the last 40 years the European Investment Bank has supported private sector investment in Ghana and across Africa. This has only been effective given the close cooperation with local banks who understand local investment challenges. The new engagement with Access Bank announced today demonstrates Europe’s support for corporate investment in Ghana and builds on the success of similar programmes with other leading banks in the country and elsewhere across Africa. The European Investment Bank is committed to backing public and private investment that supports entrepreneurs and improves lives across Africa.”
Since its inception six years ago, Access Bank has consistently demonstrated strong financial performance across key indicators earning it the recognition as one of the fastest growing banks in Ghana. Recently adjudged Bank of the Year in Ghana, the Bank is enabling businesses to thrive and individuals to meet their financial aspirations.
With over 44 locations spread across the country, Access Bank Ghana is leveraging its geographical network to showcase its expertise in Trade Finance, Treasury and technology driven pay and receive solutions. The Bank is also leading the way with investments in key sectors of the economy including Telecommunications, energy, oil and gas, Manufacturing and Agriculture.