Release date: 9 April 2013
Promoter – Financial Intermediary
ACCEPTABLE BANK(S)Location
Description
A global loan to be offered to a group of second tier Nigerian banks, selected after due diligence. It is proposed that the loan be offered to four banks, each receiving a loan of EUR 25m which will have terms that permit it to qualify as capital support according to the Central Bank of Nigeria's guidelines. In addition, EUR 100m will be available to the banks on a first-come, first-served basis (to promote competition and uptake) to finance projects undertaken by private enterprises.
Following a recent (signficant) consolidation, the banks that remain in the Nigerian financial sector are strong and generally well placed to benefit from EIB funds. Past EIB lending has focused on the first tier banks; this project would seek to support the second tier banks in order to assist their diverse client base and promote competition in the sector. The capital support element of the operation will provide funds for expansion of the banks' activities (branches, IT infrastructure etc.).
Objectives
Financing of small/medium projects carried out by private enterprises. Improving access to term finance at favourable conditions.
Sector(s)
Proposed EIB finance (Approximate amount)
EUR 100 million
Total cost (Approximate amount)
Not applicable
Environmental aspects
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
Procurement
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
Status
Signed - 11/12/2013
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).