LOC to Guarantee Trust Bank


Project Summary

Approval Date 12 Dec 2005
Signature Date 17 May 2006
Sovereign / Non-Sovereign Non Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 26,074,259.49
Status Completion

Project General Description

The present intervention concerns the Line of Credit (LOC) to Guarantee Trust Bank. It involves the provision of a line of credit of up USD 40 million to Guarantee Trust Bank of Nigeria for on lending to its corporate clients preferably SMEs. The line of credit should be mainly used to finance enterprise expansion and development projects, with strong foreign currency income streams. Its should also be extended to start-ups with strong export potentials and the ability to service a hard currency loan. The sub-loans should be used for asset based financing primarily in the infrastructure sector (energy, telecommunication, transportation, etc.) and in other sectors including manufacturing and food industry.

Project Objectives

The project aims the provision of a line of credit of up USD 40 million to Guarantee Trust Bank of Nigeria for on lending to its corporate clients preferably SMEs.

Beneficiaries

The direct beneficiary of the LOC is Guarantee Trust Bank. In addition, it should also benefit the corporate clients of the Bank, especially SMEs.

Participating Organization

Funding
African Development Bank

Information

IATI identifier 46002-P-NG-HAB-005
Last Update 15 Jun 2021

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Contact Details

Email private-sector@afdb.org

Geographic Location

Country Nigeria