British International Investment (BII), the UK’s Development Finance Institution (DFI), and impact investor, has joined forces with Access Bank Plc in Nigeria and its five pan-African subsidiaries to establish a substantial $60 million trade finance facility.
British International Investment is the UK’s development finance institution and impact investor, dedicated to creating productive, sustainable, and inclusive economies in emerging markets. Their investments support the UK Government’s Clean Green Initiative and climate finance goals while empowering women’s economic development through initiatives like the 2X Challenge. BII’s commitment to emerging economies spans 65 countries and includes over 1,470 businesses.
This groundbreaking partnership aims to enhance import and export capabilities, stimulate economic growth, and strengthen the resilience of African economies.
This crucial loan facility will play a pivotal role in ensuring the availability of essential commodities and vital inputs for various sectors such as manufacturing, medicine, construction, agriculture, and food production across the import-dependent economies of Nigeria, the Democratic Republic of Congo, Mozambique, Rwanda, Sierra Leone, and Zambia.
Access Bank, as one of Nigeria’s leading multinational banks, is on a mission to foster intra-African trade, positioning the continent as a prime market for global trade. Through this partnership, they anticipate boosting trade volumes by an impressive $90 million, directly contributing to Sustainable Development Goals 8 (Decent work and economic growth) and 9 (Industry, innovation and infrastructure).
It is a leading full-service commercial bank operating across three continents, 20 countries, and serving over 60 million customers. With a commitment to sustainable economic growth, gender equality, and women’s economic empowerment, Access Bank has garnered numerous prestigious awards in recognition of its efforts.
This initiative comes at a critical time when currency instability and inflation have created challenges for African markets. The improved availability of US dollar-denominated trade loans will empower businesses in these regions, preserving jobs and enhancing livelihoods. Moreover, it aligns with Access Bank’s commitment to providing 15% of trade finance across Africa by growing the trade books of its subsidiaries.
In addition to its economic impact, this partnership promotes gender equality and inclusion. Access Bank will ensure that the allocation of loans supports women-owned businesses and advances gender commitments, aligning with the 2X Challenge aimed at strengthening female participation in business.
Admir Imami, Director and Head of Trade and Supply Chain Finance at BII, emphasized the significance of this partnership in narrowing the trade finance gap in Africa, particularly in countries facing economic challenges. This collaboration underscores the critical role of development finance institutions in supporting the growth of inclusive economies.
Benson Adenuga, Head of Office & Coverage Director for Nigeria at BII, reaffirmed their commitment to Access Bank and Nigeria during these challenging economic times. The funding provided will bolster the economy and ensure the availability of essential goods, medicines, and food across Africa.
This partnership reflects Access Bank’s unwavering dedication to sustainable economic growth and financial inclusion. Over the past 17 years, the bank has consistently demonstrated its commitment to gender equality and women’s economic empowerment, making it a pivotal institution in Africa’s financial landscape.
For more information, visit www.bii.co.uk.
For media inquiries, please contact:
– British International Investment: Clare Murray | press@bii.co.uk
– Access Bank Plc: Abdul Imoyo | mediarelations@accessbankplc.com
