FMO, the Netherlands Development Finance Company and BIO, the Belgian Investment Company For Developing Countries,are providing continued support to the financial sector in Ghana with long-term capital that extends financing to local small, and medium-sized enterprises (SMEs).
As part of this effort, FMO has now provided a syndicated senior loan facility of $54 million to Fidelity Bank Ghana (Fidelity). The facility was arranged by FMO and is comprised of A-loans from FMO ($25 million) and BIO ($15 million).
In addition, participants in the B-loan include Symbiotics ($6 million), Oikocredit ($5 million) and Incofin ($3 million).
“This syndicated facility is a next step in a longstanding relationship between FMO and Fidelity” said Jurgen Rigterink, CEO of FMO. “It will increase access to finance for local SMEs and will therefore have a great impact on local companies and the creation of jobs.”
The Managing Director of Fidelity, Mr. Jim Baiden, expressed optimism that the partnership will go a long way to help Ghana’s SME sector.
“FMO and Fidelity have had a long-standing partnership based on our mutual interest in developing the SME sector and this facility signifies our growing relationship with development financiers; our new partnership with BIO, Oikocredit, Incofin and Symbiotics is expected to broaden our coverage of SME financing in Ghana” he stated.
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