- This deal is the first private sector investment finance by JICA in Sub-Saharan Africa’s banking sector.
- The loan aims to finance renewable energy, energy-saving, and agriculture-related projects contributing to climate change measures.
Access Bank Plc has signed a $ 75 million loan agreement with the Japan International Cooperation Agency (JICA) for environmental sustainability. The agreement, where Citi acted as the sole coordinator and agent, is JICA’s first private-sector investment finance in the banking sector in the Sub-Saharan African region. The ceremony, held on Monday, underscores the commitment of Access Bank, JICA and Citi to support climate change measures in Nigeria. The loan aims to finance various sub-projects, such as renewable energy, energy-saving, and agriculture-related projects contributing to climate change measures.
While speaking on the significance of this partnership, the Managing Director/CEO of Access Bank Plc, Roosevelt Ogbonna, said that the bank recognises the urgent need for sustainable solutions to combat climate change. He added that the partnership targets leveraging financial resources for impactful initiatives that promote environmental resilience and contribute to Nigeria’s climate action agenda. According to him, this will not only mitigate the effects of climate change but also foster economic growth and improve livelihoods within communities. Furthermore, the Deputy Director General of the Private Sector Partnership and Finance Department at JICA, Jin Wakabayashi, said the project is positioned as the first bank loan facility by JICA’s private sector investment finance in the country.
On his part, the Global Head of Export Agency Finance (EAF) at Citi, Richard Hodder, while commenting on the impact of the partnership, said, “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 (US 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) that will hold in Tokyo in 2025.”