Nigeria - Stanbic IBTC Bank PLC


Project Summary

Approval Date 26 Mar 2014
Signature Date 09 Jun 2015
Sovereign / Non-Sovereign Non Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 916,886.11
Status Implementation

Project General Description

This Project aims to extend a 7-year line of credit (LOC) of USD 100 million to Stanbic IBTC Bank PLC of Nigeria (SIBTC), for on-lending to small and medium-sized enterprises (SMEs) in various sectors of the Nigerian economy as well as for financing renewable energy and energy efficiency (RE/EE) projects in Nigeria. Stanbic has a pipeline of projects of USD 296 million. The financing from the AfDB will fund a portion of this pipeline with the balance to be funded with internally generated resources and loans from other DFIs where possible. The LOC will enable SIBTC to gain access to much needed long-term foreign currency funding to generate additional lending to its clients. Finally, the proposed intervention will complement the existing efforts to support to the Nigerian SME and energy sectors.

Project Objectives

Expected development outcomes from infrastructure projects include enhanced transportation facilitation and energy access, which are expected to reduce operational costs and boost productivity for people and businesses. It is also expected to facilitate access to social and economic facilities for people in poor urban and rural regions, thereby contributing to inclusive growth.

Beneficiaries

The direct beneficiaries of the intervention are Stanbic IBTC Bank PLC of Nigeria (SIBTC), the Federal Government of Nigeria, as well as small and medium-sized enterprises (SMEs).

Participating Organization

Funding
African Development Bank

Information

IATI identifier 46002-P-NG-HAB-016
Last Update 31 Oct 2019

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Contact Details

Email private-sector@afdb.org

Geographic Location

Country Nigeria
Coordinates Location Name
10 8 Nigeria