AFDB TO INVEST $500M IN DEVELOPMENT BANK OF NIGERIA

The African Development Bank (AfDB) said it is investing about $500 million in the Development Bank of Nigeria (DBN).
AfDB Vice President, Private Sector, Infrastructure and Industrialisation, Pierre Guislain, stated this in an interview with journalists in Abuja when he visited the DBN headquarters.
He explained that $50m of the amount was invested in equity while about $450m was mapped out for loans that would be disbursed to SMEs in Nigeria through participating financial institutions.
He also stated that the role of DBN in the micro, small and medium scale enterprises (MSMEs) sector was extremely important to the pan-African bank.
He said AfDB was a founding partner of DBN, as well as one of the lenders to the bank, noting that the newly established wholesale finance institution started off well.
“One of the main goals of AfDB is to support micro, small and medium enterprises across Africa. And providing a support at that level requires working with national partners who in turn work with their own local financial institutions,” he said.
In his address, DBN Chairman, Dr. Shehu Yahaya, noted that the Federal Government, in close partnership with international development finance institutions such as the AfDB, established DBN to provide sustainable financing through eligible participating financial institutions for on-lending to MSMEs in order to develop that segment of the Nigerian economy.


Source: www.dailytrust.com.ng

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