Access Bank PLC has made a significant stride in addressing climate change challenges with the signing of a ground breaking loan agreement worth $75 million with the Japan International Cooperation Agency (JICA).
This agreement not only sets a precedent for sustainable development in the region but also marks JICA’s first private sector investment finance in the Sub-Saharan African banking sector.
In an official statement, Access Bank expressed its gratitude to Citi for its role as the sole coordinator and agent in facilitating the agreement. The signing ceremony, which took place on Monday, February 5, 2024, highlighted the commitment of Access Bank, JICA, and Citi to support climate change initiatives in Nigeria.
The loan proceeds are expected to be allocated to various sub-projects aimed at promoting climate change measures, including renewable energy projects, energy-saving initiatives, and agriculture-related endeavors.
Roosevelt Ogbonna, the Managing Director/CEO of Access Bank PLC, emphasized the urgent need for sustainable solutions to combat climate change. He stated that the landmark agreement with JICA reaffirms the bank’s commitment to leveraging financial resources for impactful initiatives that promote environmental resilience and contribute to Nigeria’s climate action agenda. Ogbonna further added that through investments in renewable energy, energy-saving practices, and agriculture-related projects, Access Bank aims to create a positive ripple effect that mitigates the effects of climate change while fostering economic growth and improving livelihoods within local communities. The partnership between Access Bank and JICA represents a shared commitment to a greener and more sustainable future for Nigeria and beyond.
Jin Wakabayashi, the Deputy Director General of the Private Sector Partnership and Finance Department at JICA, highlighted the significance of implementing this project. He described it as a new milestone in JICA’s long-standing cooperation with Nigeria, underscoring the importance of collaborating with Access Bank, a reputable and quality partner with a proven track record in climate finance. Wakabayashi expressed his delight in working together to support projects that contribute to climate change measures in Nigeria, with the expectation of deepening this collaboration in the coming years.
Richard Hodder, the Global Head of Export Agency Finance (EAF) at Citi, emphasized Citi’s commitment to facilitating investments linked to the energy transition, energy security, and economic growth drivers. Citi takes pride in partnering as the sole coordinator and agent in facilitating JICA’s first transaction in Sub-Saharan Africa under the Private Sector Investment and Finance scheme. Hodder also highlighted that this partnership serves as a meaningful roadmap towards the Tokyo International Conference on Africa Development (TICAD 9) in 2025.
This loan agreement aligns with Nigeria’s efforts to mobilize private sector funds for climate action, in line with Sustainable Development Goals 2 (Zero Hunger), 7 (Affordable and Clean Energy), 13 (Climate Action), and 17 (Partnerships for the Goals). It also resonates with Japanese Prime Minister Kishida Fumio’s vision for a more climate-resilient and sustainable society, as announced at the Partnership for Global Infrastructure and Investment during the G7 Summit in Hiroshima in May 2023.
Source: Brandcommunicatior