IFC Injects USD300 Million Into Nigerian Banks, Plans More Investment

The International Finance Corporation's headquarters in Washington, D.C. Photo by: AgnosticPreachersKid

The International Finance Corp. is injecting USD300 million into two Nigerian financial institutions as part of a new multi-step effort to boost the country’s banking sector.

IFC has agreed to offer USD200 million in long-term funding to Guaranty Trust Bank and USD100 million in convertible sub-debt and senior loans to First Bank of Nigeria, This Day reports. The investments are subject to approval by the banks’ boards and shareholders.

Nine banks will eventually benefit from IFC’s help, including United Bank for Africa, Ecobank Nigeria, Access Bank, First City Monument Bank, Diamond Bank, Zenith Bank and Stanbic IBTC Bank.

Nigeria holds IFC’s second largest portfolio in Africa, after South Africa. IFC committed USD704 for Nigeria in fiscal 2010.

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    Chiden Balmes

    Chiden, a correspondent based in Seoul, focuses on computer-assisted reporting to provide international development professionals with practical business and career information. He also contributes to the Development Newswire and the Global Development Briefing, two of the world's highest-circulation development publications.

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