Nigeria: Stanbic IBTC Secures N16.3bn for SMEs, Energy Financing

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Jul 2014
Nigeria, July, 03 2014 - A statement announcing the deals explained that of the total amount, Stanbic IBTC Bank would fund the SME projects in Nigeria with $75m, while $25m would be used for the funding of renewable energy and energy efficiency projects.

Stanbic IBTC Bank says it has received a $100m (N16.279bn) line of credit from the African Development Bank for on-lending to small and medium-size enterprises in the country.

According to the bank, part of the funds will be used for the financing of renewable energy and energy efficiency projects in Nigeria, in line with the requirements of the Clean Technology Fund.

A statement announcing the deals explained that of the total amount, Stanbic IBTC Bank would fund the SME projects in Nigeria with $75m, while $25m would be used for the funding of renewable energy and energy efficiency projects.

The Chief Executive Officer, Stanbic IBTC Bank, Mr. Yinka Sanni, was quoted as saying the bank would continue to work towards creating avenues for the development of the Nigerian economy.

He said, “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 whole. As a result, we will remain at the forefront to empower our clients and help them to their business goals.

‘We appreciate the trust bestowed upon us by the African Development Bank in granting us this facility, which is devoted to the funding of the SMEs, energy and energy efficiency projects in Nigeria.”

The statement explained that the line of credit to Stanbic IBTC Bank was approved by the AfDB’s board of directors on Wednesday March 26, 2014 and April 13, 2014 in Tunis.

“In approving the LOC, the board of directors emphasised that the SME sector represents a strategic pillar for Nigeria’s quest to modernise and improve its economy. The AfDB highlighted financial inclusion as part of the CBN’s drive to diversify the Nigerian economy,” the statement added.



Source : Punch
 

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