IFC provides USD 50 mln loan to Access Bank for Nigeria-based businesses amid Covid-19

Monday 20 July 2020 10:51 CET | News

World Bank Group member IFC has provided a USD 50 million loan to Access Bank to help the bank increase liquidity to SMEs in Nigeria challenged by COVID-19. 

The funds from the loan, made through IFC’s global COVID-19 fast-track financing support package, will allow Access Bank to provide trade financing and working capital to their business clients experiencing disrupted cash flows, supporting business activity, and preserving jobs. IFC’s USD 8 billion global COVID-19 fast track facility, launched in March 2020 to support business activity and preserve jobs in the face of COVID-19, has so far invested nearly USD 400 million through the facility in Africa. 

Access Bank is an Africa-based retail bank, serving more than 29 million customers across a network of 677 branches. IFC’s portfolio in Nigeria stands at USD 1.3 billion, with investments in sectors including manufacturing, technology, financial services, and others, according to the official press release.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: IFC, Access Bank, World Bank Group, Nigeria, SMEs, Covid 19, Africa, loan, fast track financing support package, fast track facility, trade financing, working capital, business clients, disrupted cash flows, retail bank
Categories: Banking & Fintech
Countries: Africa
This article is part of category

Banking & Fintech