Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), a development bank controlled by the Dutch government, recently arranged a syndicated loan totaling USD 100 million for Access Bank, which has 385 service points, mostly in Nigeria. The funding is intended for lending in USD to firms involved in the production, processing and distribution of agricultural goods. The focus is to be on export goods, such as cocoa, dairy, grains, seeds and palm oil.
The USD 100 million in loan funds are being supplied in unspecified portions by FMO and various institutional investors. Those that have chosen to be identified are associated with four European governments: the Norwegian Investment Fund for Developing Countries (Norfund); France’s Société de Promotion et de Participation pour La Coopération Economique (Proparco); the Finnish Fund for Industrial Cooperation (FINNFUND); and Sweden’s Swedfund International.
Access Bank reports USD 10 billion in assets, 8 million customers and 4,200 staff members as of 2018.
The vision of FMO is to help abolish extreme poverty, increase equality and support measures that reduce climate change. Massif is one of four funds that FMO manages behalf of the Dutch government. FMO, which is 49-percent held by private-sector actors, reports total assets of EUR 8.4 billion (USD 10.4 billion) as of June 2017.
Sources and Additional Resources:
Arise press release
http://ariseinvest.com/norfund-aims-to-support-agribusiness-in-nigeria-through-contributing-to-a-syndicated-loan-to-access-bank/
FMO financials as of June 2017
https://www.fmo.nl/l/library/download/urn:uuid:806f7aa7-ba1f-4ed0-a034-308ba6a84f58/interim_report_17_fmo+final.pdf?format=save_to_disk&ext=.pdf
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