Nigeria - Zenith Bank PLC


Project Summary

Approval Date 26 Mar 2014
Signature Date 26 Jun 2014
Sovereign / Non-Sovereign Non Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 91,351,564.67
Status Implementation

Project General Description

This project consists of a US $ 125 million line of credit (LOC) to Zenith Bank Plc of Nigeria, for on-lending to small and medium-sized enterprises (SMEs) operating in various vital sectors of the Nigerian economy, including agriculture / agribusiness, transport and manufacturing. The LOC will have a repayment term of seven years and a grace period of three years. This assistance will increase economic productivity, improve the country's competitiveness, generate tax and export revenues, and create employment opportunities. The project will complement the measures taken by the government to promote the growth of the SME sector. It complements initiatives by the government and other DFIs (including the World Bank and IFC) seeking ways to support SMEs in Nigeria through local banks.

Project Objectives

The project will help mobilize significant financial resources for businesses and projects to strengthen and diversify the country's productive capacity and stimulate growth in various economic sectors.

Beneficiaries

The direct beneficiaries of the intervention are Zenith Bank Plc of Nigeria, 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-017
Last Update 31 Oct 2019

Export

Contact Details

Email private-sector@afdb.org

Geographic Location

Country Nigeria
Coordinates Location Name
10 8 Nigeria