A $75 million loan to be used to finance climate-sensitive and agricultural projects has been secured by Access Bank Plc from the Japan International Cooperation Agency (JICA).
The chief executive of Access Bank, Mr Roosevelt Ogbonna, at the signing of the loan agreement on Monday, disclosed that the facility underscores a commitment of Access Bank to support climate change measures in Nigeria.
“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,” he said.
Business Post gathered that it is the first time JICA is providing funding support to any bank in the Sub-Saharan African region.
Access Bank is expected to use the funds 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.
“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 to work with such a reputable and quality partner, Access Bank, which has a sophisticated business platform and an established track record of 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 expect that this collaboration will be further deepened for the years to come,” the Deputy Director General for Private Sector Partnership and Finance Department at JICA, Mr Jin Wakabayashi, commented.
It was gathered that Citi acted as the sole coordinator and agent for the transaction.
By - Aduragbemi Omiyale
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