By Amaka Ifeakandu
Lagos
Private companies across Ghana will benefit from a new lending programme by Access Bank backed by EUR 15 million from the European Investment Bank.
This is the first engagement between Access Bank and the European Union’s long-term lending institution under a wider initiative to support private investment in the country and further develop Ghana’s financial sector.
The new lending programme represents the fourths scheme to support investment in the country under a EUR 80 million credit facility launched two years ago to improve access to finance by firms in Ghana.
Commenting on the initiative, European Investment Bank Vice President, Pim van Ballekom,
“Over the last 40 years the European Investment Bank has supported private sector investment in Ghana and across Africa.
This has only been effective given the close cooperation with local banks who understand local investment challenges. The new engagement with Access Bank announced today demonstrates Europe’s support for corporate investment in Ghana and builds on the success of similar programmes with other leading banks in the country and elsewhere across Africa.The European Investment Bank is committed to backing public and private investment that supports entrepreneurs and improves lives across Africa,” said
EU delegation Ambassador William Hanna also said, “This new engagement with Access Bank shows how the EIB, as the EU Bank, is working tirelessly to improve access to finance for SMEs in Ghana. Investment by private companies is essential for economic growth and job creation in the country.”
Managing Director of Access Bank Ghana, Mr. Dolapo Ogundimu said “Our commitment to best practice coupled with our strong corporate governance and risk management structures are helping to attract the right kind of investment that we need to support local businesses in the economy.
Early on we received a $40million facility from the FMO and PROPARCO.
We appreciate the support from the EIB in providing investment that would enable us offer loans with longer repayment periods to our customers. As a catalyst for economic development, Access Bank will continue to support key sectors of the economy.
