News Column

Nigeria : AFRICAN DEVELOPMENT BANK approved a $100m LOC for STANBIC IBTC BANK

July 7, 2014



The Nigerian lender Stanbic IBTC Bank has secured a Line of Credit (LOC) worth $100 million from the African Development Bank (AfDB) intended for supporting the small and medium-size enterprises (SMEs) in the country.

The bank will utilize the AfDB facility to expand funds to the SMEs actively involved in different sectors of the national economy.

Stanbic IBTC Bank has planned to use a portion of the funding to support the renewable energy and energy efficiency projects in the country, in compliance with the Clean Technology Fund s (CTF) guidelines.

According to a statement of the bank, Stanbic IBTC Bank will direct $75 million to support SME projects in Nigeria, whilst it will utilize the rest amount of $25 million for the renewable energy and energy efficiency projects.

Except Stanbic IBTC Bank, no other Nigerian banking player has secured nods from the CTF.

Commenting on the latest LOC by the AfDB, the Chief Executive of Stanbic IBTC Bank Mr. Yinka Sanni has stated that they will keep partnering leading institutions to make paths to growth and development of the economy of Nigeria.

The bank boss added, We will continue to explore various channels of credit to empower small and medium-sized businesses. We recognise that the SME and energy sectors form an integral part of the Nigerian economy. As a result, we will remain at the forefront to empower our clients and help them achieve their business goals.

He has further said that we appreciate the trust bestowed upon us by the African Development Bank in granting us this facility which is devoted to the funding of SMEs, energy and energy efficiency projects in Nigeria.

The AfDB Board of Directors has cleared the LOC of $100 million for Stanbic IBTC Bank on Wednesday, 26th March 2014 and 13th April 2014 in Tunis, as they consider the SME sector as a strategic pillar for Nigeria s mission to restore and develop its economy. The regional lender has stressed on the financial inclusion, which forms a major part of the Central Bank of Nigeria s (CBN) strategy for the diversification of the national economy.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: TendersInfo (India)


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters