Access Bank Ghana has secured a €15 million facility from the European Investment Bank (EIB), to support businesses across Ghana on a new lending programme after completing a thorough diligent process.
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 and further develop Ghana’s financial sector.
Mr Dolapo Ogundimu, Managing Director of Access Bank, said the support from the EIB was a demonstration of investment partners’ confidence in the governance and risk management structures of the bank.
Besides, the partnership with the EIB further underscores Access Bank’s commitment in becoming a major contributor to 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 said.
The new credit line by the EIB is the second funding Access Bank has received within the last year, the first being a $ 40 million facility from the FMO and PROPARCO.
It would allow Access Bank to provide loans for companies across Ghana whose cash flows are denominated in foreign currencies, with a tenure of up to eight years, which represents a much longer maturity than typically available at present in the country.
The facility would 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 EIB, Mr Pim van Ballekom said the new engagement with Access Bank is part of a wider initiative by the 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 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,” he added.
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 more than 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.