IFC and Access Bank launch $500m financing deal
Partnership focuses on MSMEs and infrastructure lending
The International Finance Corporation and Access Bank Plc have signed a framework agreement worth approximately $500 million to expand local currency financing for businesses across Africa.
The agreement was signed in Kigali, Rwanda, by Makhtar Diop, managing director of IFC, and Aigboje Aig-Imoukhuede, chairman of Access Holdings PLC. The partnership is designed to support lending in local currencies across multiple African markets while reducing foreign exchange risks for businesses operating on the continent.
Financing targets MSMEs and infrastructure
Under the framework, funding will support sectors including micro, small and medium enterprises, agribusiness, housing and infrastructure. The initiative also aims to strengthen local currency financial markets and improve access to long-term financing across Africa.
The programme will operate across several markets including Nigeria, Angola, Botswana, the Central African Economic and Monetary Community region, the Democratic Republic of Congo, Ghana, Tanzania, the West African Economic and Monetary Union region, Uganda and Zambia.
Aigboje Aig-Imoukhuede, chairman of Access Holdings PLC: “Access Bank is pleased to deepen its long-standing partnership with IFC through this landmark local currency borrowing framework.
This partnership provides a strong regional platform to expand access to local currency financing across Nigeria and multiple African markets, including Angola, Botswana, CEMAC, DRC, Ghana, Tanzania, UEMOA, Uganda, and Zambia.”
Local currency lending gains momentum in Africa
The agreement reflects increasing efforts by African financial institutions and governments to reduce reliance on foreign currency borrowing amid exchange-rate volatility and dollar shortages.
By aligning financing with the currencies businesses use to generate revenue, the framework aims to reduce currency mismatch risks and improve financial stability for borrowers.
Makhtar Diop, managing director of IFC: “African businesses grow stronger when financing is aligned with the currencies in which they operate and earn. This partnership will help deepen local currency markets and support sustainable private sector growth across the continent.”
Partnership combines regional and development finance expertise
The collaboration brings together IFC’s development finance capabilities with Access Bank’s regional banking network to support investment in sectors linked to economic growth and employment.
The organisations said the financing initiative is intended to help address funding gaps across African markets while contributing to job creation, food security, housing access and infrastructure development.
The framework also forms part of broader efforts to strengthen domestic financial systems and build more resilient local capital markets across the continent.
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