Nigeria - Naira line of credit to FirstRand Bank subsidiary, Rand Merchant Bank Nigeria Limited


Project Summary

Approval Date 12 Dec 2012
Signature Date 11 Jul 2014
Sovereign / Non-Sovereign Non Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 23,718,513.44
Status Completion

Project General Description

The present intervention concerns the Naira line of credit to FirstRand Bank subsidiary, Rand Merchant Bank Nigeria Limited. It aims to provide a medium-term, multi-currency line of credit of up to the equivalent of USD 300 million to FirstRand Bank Limited, which is a wholly-owned subsidiary of the South Africa based FirstRand Limited. The proceeds of the Facility will be used for funding projects in a number of sectors and across a number of African countries.

Project Objectives

The project objective is to provide a medium-term, multi-currency line of credit of up to the equivalent of USD 300 million to FirstRand Bank Limited.

Beneficiaries

The direct beneficiary of the project is FirstRand Bank.

Participating Organization

Funding
African Development Bank

Information

IATI identifier 46002-P-NG-HAB-022
Last Update 05 Oct 2022

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Contact Details

Email private-sector@afdb.org

Geographic Location

Country Nigeria
Coordinates Location Name
9.05735 7.48976 Abuja