Original disclosure @ IFC website
Updated in EWS Jul 3, 2021
Disclosed by Bank Jun 30, 2020
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The project consists of an investment of up to US$ 40 million in Union Bank of Nigeria Plc (“Union Bank” or the “Bank”) in the form of a trade finance guarantee facility for transactions with tenor up to one year. This is part of the GTFP program. Expected development impacts include;
1. Rebuilding Confidence in the Market – Due to the current economic crisis as a result of Covid-19, and the drop in crude oil price, most correspondent banks are freezing their existing lines and/or reducing their exposure to Nigerian banks. The engagement with Union Bank will send a positive signal in general, to investors and other international financiers.
2. Increasing Trade in an IDA Country - Increasing supply of capital and consumer goods in an IDA country, leading to jobs, food security and wealth creation.
3. Access to Trade - Increasing access to trade finance solutions by corporate and SME clients that the Bank serves. The line will support trade activities that promote critical sectors such as Fast-Moving Consumer Goods (FCMG), Manufacturing, Agriculture, Services, Oil & Gas, Telecommunication and Construction.
Union Bank of Nigeria Plc
Ini Obot Nelson
Relationship Manager, Financial Institutions
+234 01-2716800 Ext 2465
Stallion Plaza, Treasury Department (15th Floor), 36, Marina Lagos.
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