|Approval Date||18 Oct 2001|
|Signature Date||05 Mar 2002|
|Sovereign / Non-Sovereign||Non Sovereign|
|DAC Sector Code||24030|
The present intervention concerns the Line of Credit to Fedelity Bank (Former FSB). It involves the extension of a loan in an amount not exceeding US$ 18,000,000 to Fedelity Bank. This bank sould utilise the proceeds of the credit for project finance and medium term lending to its corporate clients including asset-based financing in the power, telecommunications, textile manufacturing, petroleum service sector, tourism, marine transportation, energy, and the oil and gas sectors within the territory of the Federal Republic of Nigeria. The loan should be used to import capital equipment, replacement equipment and machinery required to create new production capacities and to increase the capacity utilization and export capabilities of clients of Fedelity Bank.
The project aims the extension of a loan in an loan in an amount not exceeding US$ 18,000,000 to Fedelity Bank (Former FSB).
The direct beneficiary of the loan is Fidelity Bank. In addition, it should be retroceded to the clients of the same Bank in the form of a loan as well.
African Development Bank
|Last Update||20 Jun 2021|