The International Finance Corporation (IFC), a member of the World Bank Group, on Tuesday signed an agreement to provide a $100 million loan facility to Zenith Bank, to increase its lending to a variety of important economic sectors, boosting economic growth and job creation in Nigeria. The $100 million loan facility will be provided from IFC’s own account and Zenith Bank Plc will use the facility to reduce the lending gap in critical sectors, the corporation said in a statement.
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. “As reputable leaders in the African banking industry with superior performance, Zenith Bank will continue to explore business opportunities in strategic sectors that will bring the much needed
development to boost Nigeria’s economy. By partnering with IFC, we hope to increase our lending activities and further strengthen our leadership position," Group Managing Director of Zenith Bank, Peter Amangbo 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," IFC Country Manager for Nigeria, Eme Essien Lore said.
Zenith Bank, with headquarters in Lagos, has more than 350 branches in Nigeria. The Bank grew its shareholder’s fund of N20 million in 1990 to N552.64 billion as at year end 2013.
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