|Approval Date||27 Jun 2016|
|Signature Date||07 Dec 2016|
|Sovereign / Non-Sovereign||Non Sovereign|
|DAC Sector Code||24030|
This project involves a Trade Finance Credit Line (CFLC) for First Bank of Nigeria Limited (NBF), which will be used exclusively to support the issuance and construction of trade financing instruments in Nigeria for the benefit of small and medium-sized enterprises (SMEs) and local businesses. The facility, in the amount of US $ 300 million in the form of a 4-year preferred debt, will provide foreign exchange liquidity to al. NBF to support issuance and settlement trade finance instruments. Thus, it will constitute for the NBF, the stable source of financing at competitive rate which it needs to develop its commercial financing portfolio.
The project will contribute to easing Nigeria’s foreign exchange shortages for trade finance amid growing demand and inadequacy of trade lines and dollar liquidity.
The direct beneficiaries of the intervention are First Bank of Nigeria Limited (NBF), the Federal Government of Nigeria, as well as small and medium-sized enterprises (SMEs) and local businesses.
African Development Bank
|Last Update||31 Oct 2019|