Access Bank Plc Goes Into Agreement With Japan International Cooperation Agency For Loan Valued at $75 Million

Access Bank Plc, a subsidiary of Access Holdings, recently announced that it has signed a loan agreement with the Japan International Cooperation Agency (JICA) valued at $75 million.

The LEADERSHIP reports that the agreement underscores a commitment of Access Bank, JICA and Citi, which served as agents to the deal, to support climate change measures in Nigeria. The loan proceeds are expected to finance various sub-projects, such as renewable energy, energy-saving, and agriculture-related projects contributing to climate change measures. 

Speaking about the deal, Roosevelt Ogbonna, the MD/CEO of Access Bank Plc, 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.

Speaking on this, Jin Wakabayashi, the deputy director general, said,

• 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 an exceptional meaning.

• In addition, we are delighted to have an opportunity to work with such a reputable and quality partner, Access Bank, which has a sophisticated business platform and an established track record in climate finance. Under the partnership with Access Bank, JICA’s Facility is expected to be used for projects which contribute to climate change measures in Nigeria, and we hope that this collaboration will be further deepened in the years to come.

Also, Global Head of Export Agency Finance (EAF) at Citi Richard Hodder, whilst speaking on the impact of this international partnership, said,

• At Citi, we are committed to bringing solutions to our clients that facilitate investment linked to the energy transition, energy security, and the critical drivers of economic growth.

• Citi is proud to partner as the sole coordinator and agent in facilitating JICA’s first transaction in Sub-Saharan Africa under the Private Sector Investment and Finance scheme. Following on from the Citi-arranged DFC (U.S. International Development Finance Corporation) facility to Access Bank in 2022, this partnership is a meaningful roadmap towards TICAD 9 (Tokyo International Conference on Africa Development) to be held in Tokyo in 2025.

Furthermore, the implementation of the deal aligns with Nigeria’s efforts to mobilise private sector funds for climate action, in line with Sustainable Development Goals 2 (Zero hunger), 7 (Affordable and clean energy), 13 (Climate action), and 17 (Partnerships for the goals).

Moreover, it resonates with Japanese Prime Minister Kishida Fumio’s vision for a more climate-resilient and sustainable society, as announced at the Partnership for Global Infrastructure and Investment, a side event of the G7 Summit in Hiroshima in May 2023.

Through strategic collaborations and innovative financing mechanisms, Access Bank, JICA and Citi are pioneering efforts to address climate change challenges, setting a precedent for sustainable development in the region.