Published: July 18, 2013
Nigerian bank to receive US$150mn from AfDB.
Fidelity Bank, a Nigerian commercial lender, has secured US$150mn of funding from the African Development Bank (AfDB). The money will be used to fund infrastructure and manufacturing projects as well as loans to small businesses, the AfDB said in a statement.
The funding package consists of one US$75mn medium-term credit line and an AfDB-arranged syndicated loan worth up to US$75mn on a best-effort basis – meaning the AfDB will not be liable if any portion of the loan isn’t successfully syndicated. Twenty percent of the credit line will be dedicated to small businesses.