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Access Bank gets IFC’s N11.2bn funds for lending to SMEs

By on March 13, 2013

The International Finance Corporation (IFC) says it has provided N3.5 billion Risk Sharing Facility and another 50 million dollars (about N7.7 billion) loan to Access Bank.

The IFC said in a statement in Lagos that the two funds were to enable the bank expand its lending to Small and Medium Enterprises (SMEs).

The statement quoted Mr. Solomon Adegbie-Quaynor, the IFC Senior Country Manager for Nigeria, as saying that a quarter of the loans would be used to fund women entrepreneurs.

Adegbie-Quaynor said that the three-year joint initiative was in collaboration with the Coca-Cola group in Eurasia and Africa.

“This innovative collaboration with Coca-Cola will help expand access to financing for women who are part of the company’s supply and distribution chain.

“It is also aimed at providing access to finance for thousands of women entrepreneurs in Africa and other emerging markets,” the statement said.

Mr. Aigboje Aig-Imoukhuede, the Group Managing Director of Access Bank, said that Access Bank had been a leader in supporting Nigerian women and their business enterprises.

Mr. Nathan Kalumbu, the President of Eurasia and Africa Group of Coca-Cola, said that women entrepreneurs had made significant contributions to development of emerging economies.

Kalumbus said that by providing greater access to capital, “we are investing in our own success and the success of the communities we serve.

“We are excited about this opportunity to harness the collective power of our organisations to positively impact on women in Eurasia and Africa,” he said.

[Daily Times]