Shell Energy Entrepreneurs banner Yudala banner
Fidelity Bank gets US $150 Million from AfDB in support of Nigeria’s Economic Growth

By News Express on 17/07/2013

Share on facebook Yahoo mail icon Gmail icon

Views: 5,385


TUNIS, Tunisia, July 17, 2013/African Press Organization (APO)/ – The Board of Directors of the African Development Bank (AfDB) approved today a US $75 million medium-term line of credit (LoC) to Fidelity Bank Plc to fund selected projects in sectors that are critical to Nigeria’s transformation agenda and economic growth such as infrastructure, manufacturing and Small and Medium Enterprises (SMEs). The LoC will be complemented by AfDB arranged-syndicated financing of up to US $75 million on a best-effort basis.

Fidelity Bank Plc is an indigenous universal bank that has been operational since 2001. It has over 200 branches and over two million customers located in the six geopolitical zones of Nigeria. It is thus strategically placed to tap into various sectors and ensure diversification of its client base. As at December 2012, Fidelity had a total shareholders fund amounting to US $1.04 billion. Fidelity is ranked among the top six banks in Nigeria by equity base and eighth in terms of deposits and totals assets. The LoC will complement Fidelity’s other fundraising efforts through deposits mobilization and financing lines from Development Finance Institutions (DFIs), commercial banks and proceeds from its recent bond issuance.

The AfDB’s LoC will contribute to bridging Fidelity’s financing gap by providing much-needed longer-term liquidity to meet its pipeline demands against the background of a financial market that has hitherto slanted towards short-term liquidity inhibiting access to medium- to long-term lending. This financing will allow Fidelity to better serve and fund its clients, increase the tenors of loans to subprojects and expand its loan portfolio, particularly in the manufacturing and infrastructure sectors. Twenty per cent of the LoC proceeds will be dedicated to SMEs.

This LoC is in recognition of the positive impact of the Central Bank of Nigeria’s efforts to strengthen its supervisory framework, stabilize and instill confidence in the local financial system as well as improve liquidity and credit flows. This LoC sends strong signals that Nigeria’s financial sector has stabilized and confirms a return of confidence to the Nigerian banking sector. It is also symbolic of AfDB partnership role in supporting the private sector to play its rightful and important part in building the Nigerian economy. Moreover, it also highlights the AfDB’s commitment to supporting its Regional Member Countries and their governments in strengthening in their financial markets, diversifying their economies and revamping their infrastructure to facilitate stronger private sector participation and contribution to the economy.

Ultimately, this transaction will contribute to improved and longer term liquidity in the banking sector, increase government revenues, import substitution and job creation.

Photo shows Fidelity Bank’s CEO Reginald Ihejiahi.

Source News Express

Posted 17/07/2013 11:59:17 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
Breaking: Chelsea face Atlético Madrid in Champions League...

Fake Nigerian nurse jailed in London over circumcision...

Sepp Blatter must go, say FIFA’s major sponsors...

Nigeria yet to win war against human trafficking...

Buhari swears-in Oyo-Ita as new Head of Service...

Sell petrol at N87 per litre, IPMAN tells...

Police confirms 11 children killed after van rams...

Most hip-hop artistes in Nigeria are on drugs...

Don urges new INEC boss to sustain Jega's...

Tinubu: I had a special relationship with Adebayo...

Obiano’s wife excited as couple donates ambulance to...

El-Rufai promises to revive Kaduna textile factories

 

Latest News Boko Haram kills 5 soldiers and 5 civilians, injures many others Nigeria develops Ebola and Malaria herbal drugs Keyamo writes Buhari, demands IGP’s sack Pele collapses, rushed to hospital Court nullifies installation of 21 Oyo kings Court ridicules Union Bank, orders permanent forfeiture of dollar-filled Ikoyi flat NIMASA, Nigerian Gas Association make case for green environment Qatari royal threatens suicide Group organises free training for doctors, maternity care providers to curtail maternal, neonatal mortality Inter-Religious harmony: Emulate Shettima, HURIWA tells other Northern Governors Nigerian oil magnate jailed in UK Principal, 2 others suspended for flogging students

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (315,361 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (305,191 views) Shameless Genevieve Nnaji exposes breasts in public (244,778 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (201,455 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (190,112 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (179,381 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (155,543 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (139,759 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (136,045 views) Lagos plane crash: Journalist releases victims’ names (124,494 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (121,706 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (118,956 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,854) Business Verdict (32) Columnists (792) Complaints & Requests (94) Enterprise & Opportunities (200) Entertainment (431) Features (541) Global Business Monitor (222) International (1,744) Interviews (139) Live Commentary (28) Love Matters (100) News (32,013) Opinion (865) Pidgin (10) Politics (4,356) Religion (666) Sports (1,406) Stock Watch (25) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

Thierry Henry in Lagos Nigeria

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!