IFC seals $175 million financing pact with
GUARANTY Trust Bank Plc (GTB) may have received a new boost for its operations as a lifeline brokered by a member of the World Bank Group- the International Finance Corporation (IFC), offers $175 million financing package.
The facility packaged to the lender, would support its expansion programme across all sectors of operation as well as increase lending to sectors that drive economic growth and job creation in Nigeria.
The financing structure comprises $100 million for IFC’s own account and $75 million through the IFC Managed Co-Lending Portfolio Programme, a new syndications platform that offers institutional investors the ability to passively participate in IFC’s future senior loan portfolio.
The Managing Director and Chief Executive Officer of GTB, Segun Agbaje, said the financial institution is “strengthening its position as a market leader, by deepening access to growth capital and boosting lending to critical sectors that are generators of growth.
“IFC, our long-standing partner, is demonstrating its support through direct investments and through syndications to enable us achieve our goals and grow the Nigerian economy.”
But IFC’s Country Manager for Nigeria, Eme Essien Lore, said the Brettonwood institution is highly attracted to innovative ideas that will bring about increased productivity and growth across sectors.
“IFC’s strategy for Nigeria encourages financial intermediaries to support the growth of sectors that increase real output. By expanding IFC’s partnership, GTB can make medium and long-term funding available to key sectors of the Nigerian economy, and contribute to higher overall growth.”
GTB, a full service commercial bank in Nigeria with a network of 233 branches (including Cash Centers), 18 e-branches, 23 GTExpress locations and 1,097 ATMs across the country, offers a wide range of banking and financial services, with nine subsidiaries and presence in eight African countries and in the United Kingdom.
IFC, a member of the World Bank Group, is the largest global development institution that is focused exclusively on the private sector.
It works with private enterprises in about 100 countries, using its capital, expertise, and influence to help fight extreme poverty and boost shared prosperity.
Already, in full year operations of 2014, it provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development, including Nigeria.
IFC, GTB and other banks, both local and international had earlier participated in the $800 million loan syndication for the construction of the Indorama Eleme Fertilizer and Chemical Limited.
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