Published: July 10, 2013
Nigerian bank seals US$100mn facility
Nigeria’s first bank has agreed a US$100mn credit facility with China Development Bank (CDB).
The funds will go primarily to SME’s, as well as towards credit lines, trade finance, syndication and project finance, consultancy services, FX transactions and the sharing of business experience.
The deal was signed during a state visit to China by a delegation including Nigerian president Goodluck Jonathan, four state governors and 10 cabinet ministers. The deal contributes to First Bank’s strategy of increasing financial inclusion in Nigeria.