Nigeria - Fidelity Bank PLC


Project Summary

Approval Date 10 Oct 2018
Signature Date 07 May 2019
Sovereign / Non-Sovereign Non Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 36,248,957.84
Status Implementation

Project General Description

The Fidelity Bank PLC provides a long-term, dedicated and targeted credit line of up to USD 50 million over seven years, including a two (2) year grace period. It aims to increase the resources used by Fidelity to finance its project pipeline and expand its portfolio and lending activities to women's businesses and SMEs operating in several sectors. This project was designed to help Fidelity meet the medium-term financing requirement of its project pipeline in the processing sectors in Nigeria. This facility will assist to (i) contribute towards reducing financing constraints faced by WOEs, as well as SMEs operating in the as manufacturing and agriculture, health and education sectors: (ii) promote private sector development, increase productivity, enhance household incomes and promote broad-based economic growth, with a view of contributing to the structural transformation in Nigeria and the diversification of its economy away from over reliance on the oil and gas sectors(iii) contribute towards positive gender and social effects and inclusive growth.

Project Objectives

The objective of the project is to return resources from the line of credit to SMEs as well as women and young entrepreneurs in Nigeria operating in specific sectors: manufacturing production, education and health.

Beneficiaries

The direct beneficiary of the project is Fidelity Bank Plc Nigeria (Fidelity). The final beneficiaries are companies owned by women (representing at least 30% of the facility) and SMEs in the following processing sectors: manufacturing, health, education.

Participating Organization

Funding
African Development Bank

Information

IATI identifier 46002-P-NG-HAB-042
Last Update 12 Jul 2020

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Contact Details

Email private-sector@afdb.org

Geographic Location

Country Nigeria