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.
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