24996 - Access GEM

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Summary of Proposed Investment

Project Number

24996

Company Name

ACCESS BANK PLC

Date SPI Disclosed

May 1, 2006

Country

Nigeria

Industry

Financial Markets

Projected Board Date

Jun 5, 2006

Status

Completed

Sector

Commercial Banking - General

Department

Global Industry, Financial Markets

Environmental Category

Previous Events

Approved : Jun 6, 2006
Signed : Jun 9, 2006
Invested : Sep 28, 2006

Project Description

The project consists of a line of credit of up to $15 million to Access Bank Plc (Access or the bank), one of the leading full-service commercial banks in Nigeria. The project''s main objective is to address the scarcity of term finance in general and to provide assistance to the undeserved sub-sector of women entrepreneurs in Nigeria specifically. The long term funding gap in Nigeria has historically forced Nigerian commercial banks to rely on their capital, or take the maturity risk in order to finance longer-term projects. The proposed investment allows IFC to address part of these constraints by making available foreign exchange term resources through an efficient financial institution.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	30.0
Equity	0.0

Development Impact

This project is expected to contribute to private sector development by providing much needed foreign currency term finance to supplement the country''s low foreign direct investment. The lack of term lending in Nigeria has resulted in lost opportunities for financial sector development and hindered the growth of the economy. IFC''s loans to Access Bank (and other financial institutions) will significantly expand access to long term funding for private companies in Nigeria and act as a catalyst in increasing much needed flow of capital into the country. In addition, by focusing on lending to the manufacturing, private infrastructure, telecommunications, small to medium enterprises and energy industries, the project will help in the diversification of the country''s economy outside the natural resources sector.

IFC has a number of important roles in this project which include:

- IFC''s investment will allow Access Bank to provide critical term finance to private Nigerian companies, at a time when access to such resources continues to be scarce.

- Through this project IFC will help catalyze greater access to finance by a key underserved market of women entrepreneurs.

It is documented in World Bank Group research that:

- women entrepreneurs create jobs that are more likely to employ other women;
- women are more likely than men to contribute additional income to household poverty reduction and improved nutrition and schooling for their children and;
- giving more women access to credit and increasing their economic power will translate into improved livelihoods for a wide cross-section of society.

This is a FI Type 1 project according to IFC''s environmental and social review procedure. The banks availing of the RSF must ensure that the projects supported under the facility are in compliance with applicable National Environment, Health, Safety and Social laws. The participating banks would , prior to their participating in the the RSF, need to establish an Environmental and Social Management System (ESMS), to the satisfaction of IFC, and designate appropriate individuals who will have responsibility for the implementation of the ESMS. The banks must submit an annual environmental performance report to IFC, as per an IFC format.

Contacts

For Inquiries About the Project, Contact

Christopher Bajowa, Manager
Access Bank Plc.
Plot 1665 Oyin Jolayemi Street, Victoria Island, Lagos, Nigeria

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This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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