Access Bank Plc has signed a $75 million loan agreement with the Japan International Cooperation Agency (JICA) to support climate change measures and environmental sustainability in Nigeria.

The bank disclosed this in a statement on Tuesday in Lagos.

According to the statement, Citi, a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in United States, acted as the sole coordinator and agent.

The facility, it said underscores a commitment of Access Bank, JICA and Citi to support climate change measures in Nigeria.

The loan aims to finance various sub-projects, such as renewable energy, energy-saving, and agriculture-related projects contributing to climate change measures.

While speaking on the significance of this partnership, the Managing Director/CEO of Access Bank Plc, Roosevelt Ogbonna, said that the bank recognises the urgent need for sustainable solutions to combat climate change.

He noted that the partnership targets leveraging financial resources for impactful initiatives that promote environmental resilience and contribute to Nigeria’s climate action agenda.

 According to Ogbonna, the deal will not only mitigate the effects of climate change but also foster economic growth and improve livelihoods within communities.

Speaking at the signing, the Deputy Director General of the Private Sector Partnership and Finance Department at JICA, Jin Wakabayashi, said the project is positioned as the first bank loan facility by JICA’s private sector investment finance in the country.

Commenting on the impact of the partnership, the Global Head of Export Agency Finance (EAF) at Citi, Richard Hodder said: “Citi is proud to partner as the sole coordinator and agent in facilitating JICA’s first transaction in Sub-Saharan Africa under the Private Sector Investment and Finance scheme. Following on from the Citi-arranged DFC (US International Development Finance Corporation) facility to Access Bank in 2022, this partnership is a meaningful roadmap towards TICAD 9 (Tokyo International Conference on Africa Development) that will hold in Tokyo in 2025.”