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The project consists of a loan to the Federal Government of Nigeria to support investments in the green, agri and digital sectors through the Development Bank of Nigeria (DBN).
The aim is to improve access to medium and long-term finance for Nigerian small and medium sized enterprises (SMEs) carrying out projects in the sectors above through local banks and microfinance institutions. A special focus on underserved groups such as female entrepreneurs and youth.
The project is aligned with the National Development Plan of Nigeria spanning 2021-2025 aiming at encouraging an economic diversification, alleviating poverty and boosting economic and social development.
It will contribute to Nigeria's competitiveness across the continent by supporting domestic MSMEs and Midcaps, operating in Nigeria, as the country seeks to participate in the African Continental Free Trade Agreement.
The project addresses market failures by providing finance to Nigeria's underserved MSMEs and Midcaps via eligible financial intermediaries (commercial banks, microfinance institutions or mortgage banks).
The EIB and the DBN are already privileged partners with a strong relationship after the EIB provided an equity investment to DBN, in 2018 to complete its initial capitalisation plan.
The EIB will require from DBN to take all the requisite measures to ensure that the sub-projects carried out by the final beneficiaries receiving Bank financing will comply with national legislation and the ElB's Environmental and Social Standards.
The EIB will require DBN to ensure that implementation of the project will be done in accordance with the EIB's Guide to Procurement.
Under EFSD+ Guarantee