Access Bank Plc has taken a significant stride towards environmental sustainability with the signing of a historic loan agreement with the Japan International Cooperation Agency (JICA).
The loan was valued at US$ 75 million as the agreement is JICA’s first private sector investment finance in the banking sector in the Sub-Saharan African region.
A statement issued by the bank said that Citi acted as the sole coordinator and agent.
The signing of loan ceremony, underscores a commitment of Access Bank, JICA and Citi to support climate change measures in Nigeria.
The bank said the proceeds of the loan are expected to be used to finance a wide range of sub-projects such as renewable-energy projects, energy-saving projects and agriculture-related projects that contribute to climate change measures.
Managing Director/Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, while
commenting on the significance of the partnership, said:“At Access Bank, we recognise the urgent need for sustainable solutions to combat climate change. This landmark agreement with JICA reaffirms our commitment to leveraging financial resources for impactful initiatives that promote environmental resilience and contribute to Nigeria’s climate action agenda. By investing in renewable-energy, energy-saving, and agriculture-related projects, we aim to create a positive ripple effect, not only mitigating the effects of climate change but also fostering economic growth and improving livelihoods within our communities.
Indeed, this partnership represents a shared commitment to a greener, more sustainable future for Nigeria and beyond.”, Deputy Director General, Private Sector Partnership and Finance Department at JICA, Jin Wakabayashi said the importance of implementing this project:As this project is positioned as the first bank loan facility by JICA’s private sector investment finance in the country, this significantly marks a new milestone in the long history of JICA’s cooperation with Nigeria and has a very special meaning indeed. In addition, we are delighted to have an opportunity of working with such a reputable and quality partner
Global Head of Export Agency Finance (EAF) at Citi, Richard Hodder while commenting on the impact of this international partnership:“ he said At Citi, we are committed to bringing solutions to our clients which facilitate investment linked to the energy transition, to energy security and to the key drivers of economic growth.
