The $100 million loan facility will be provided from the IFC’s own account and Zenith Bank Plc will use the facility to reduce the lending gap in critical sectors. The facility will help reduce the infrastructure funding gap in the country, in particular the power sector.
The lack of infrastructure has been identified as a key impediment to private sector development in Nigeria.
The group managing director/chief executive officer, Zenith Bank Plc, Peter Amangbo, said, “As reputable leaders in the African banking industry with superior performance, Zenith Bank Plc will continue to explore business opportunities in strategic sectors that will bring the much needed development to boost Nigeria’s economy.
“By partnering with the IFC, we hope to increase our lending activities and further strengthen our leadership position.” IFC country manager for Nigeria, Eme Essien Lore, said, “IFC is demonstrating its commitment to support the real sector in the country through financial intermediaries.”
“As part of that effort, IFC is working with Zenith Bank Plc to help finance these critical sectors and contribute to the development of the economy, and especially to create a sustainable source of infrastructure finance in Nigeria.”
