Line of Credit to Fedelity Bank (Former Fsb)


Project Summary

Approval Date 18 Oct 2001
Signature Date 05 Mar 2002
Sovereign / Non-Sovereign Non Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 11,733,416.77
Status Completion

Project General Description

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.

Project Objectives

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).

Beneficiaries

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.

Participating Organization

Funding
African Development Bank

Information

IATI identifier 46002-P-NG-HAB-002
Last Update 31 Oct 2019

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Contact Details

Email private-sector@afdb.org

Geographic Location

Country Nigeria