Original disclosure @ IFC website
Updated in EWS Jun 20, 2020
Disclosed by Bank May 28, 2020
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The proposed project consists of an investment of up to US$150 million in First Bank of Nigeria Limited (“FBN” or the “Bank”), a leading bank operating in Nigeria. The investment will be in the form of a working capital solutions facility (“WCS”), to support the Bank in expanding its trade finance program to Small and Medium Enterprises (“SMEs”). The facility will have a maturity of one year, renewable annually up to two times for an aggregate tenor of 3 years. A carve-out of 10% of the WCS facility (up to US$15 mn) will be targeted at supported climate-smart projects while an additional 10% will be dedicated to Women-Owned SMEs (“WSMEs”).
By supporting trade finance in partnership with one of the largest Nigerian banks, the project will have a demonstration impact, promote competition, and encourage other lenders to participate in funding trade finance in Nigeria: 1. Change in accessibility of trade finance for SMEs: The project is expected to improve access to stable USD liquidity for SMEs to support the importation of raw materials and critical commodities. With the funding from this investment, FBN will be able to reach a wider group of SMEs such as those involved in climate smart agriculture supply chains (irrigation equipment, high quality and climate resilient seeds, and alternative fertilizers, etc.), solar companies and solar supply chains, as well as the import-export and distribution of energy efficient and renewable energy equipment.
First Bank of Nigeria Limited
Business Manager, Financial Institutions
+234 802 7739101
Samuel Asabia House, 35 Marina, Lagos, Nigeria
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