Nigeria's Access Bank has signed an agreement for a $162.5 million loan to boost its capital and fund lending operations.
The facility is being arranged by Dutch development bank, FMO while financial institutions including Belgian Investment Co. for Developing Countries, Blue Orchard Microfinance Fund, Finnish Fund for Industrial Cooperation Ltd. and Ecumenical Development Cooperative Society U.A. are providing the financing, Access Bank said in a statement.
According to the statement from the commercial lender, the loan will qualify as Tier-II capital, which will help the bank fund a five-year expansion plan, it said.
The loan will also support local micro-, small-, and medium-sized enterprises in the West African country.
Access Bank is in the process of consolidating its operations with Diamond Bank in a deal worth about $200 million.
It plans to complete the takeover on April 1 after the shareholders of both banks approved the deal last week.
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