Access Bank signs loan agreement with JICA on climate change

GodGift Ifunanya
3 Min Read

Access   Bank   Plc  has   taken   a   significant   stride   towards   environmental sustainability with the signing of a historic loan agreement with the Japan International Cooperation Agency (JICA). 

The loan was valued at US$ 75 million as the agreement is JICA’s first private sector investment finance in the banking sector in the Sub-Saharan African region. 

A statement issued by the bank said that Citi acted as the sole coordinator and agent.

The  signing of loan ceremony,   underscores   a commitment of Access Bank, JICA and Citi to support climate change measures in Nigeria. 

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The bank said the proceeds of the loan are expected to be used 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. 

Managing Director/Chief Executive Officer of Access Bank Plc, Roosevelt Ogbonna, while 

commenting  on the significance of the partnership, 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.”,   Deputy   Director   General,   Private   Sector   Partnership   and Finance  Department  at  JICA, Jin   Wakabayashi said   the  importance  of  implementing this project: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 of working with such a reputable and  quality   partner

 Global Head of Export Agency Finance (EAF) at Citi, Richard Hodder while commenting on the impact of this international partnership:“ he said At Citi, we are committed to bringing solutions to our clients which facilitate investment  linked to the energy transition, to energy security and to the key drivers of economic  growth.

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