GTB 737 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: 4,667


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...
NiMET predicts cloudy weather today, and thunderstorms

Lagos Govt restates commitment to fight sexual, gender-based...

RIGHTSView: WIKE FACES THE JURY

Presidency invites Chibok stakeholders to come and identify...

Boko Haram massacres 80 in Borno

Jose Mourinho seals deal as Manchester United’s new...

Robbers kill fuel station manager in Kaduna

Gay marriage is a taboo in Nigeria, Uduaghan...

Suspended SGF appears before Osinbajo Panel

Ex-banker arrested over N1.5b fraud

Recession an eye opener: Soludo

Police parades Vampire’s body, captured gang chiefs *Says...

 

Latest News Karu/Abuja highway traders to be relocated Anambra guber: UPP sure of victory, says Chidoka Wike’s investment in science education, commendable: Obuah Send Nnamdi Kanu back to prison, FG tells court Badoo member arrested during church vigil •How he disguised as a worshipper U.S. to train NSCDC personnel Militant leader evades capture, guard killed in gun battle FG okays 2 firms to build refineries in Port Harcourt, Warri •Promises financial support for modular refineries Collapsed Akpajo Bridge (Rivers) soon to be repaired, Senator Abe assures FG hands over Presidential Lodge to Lagos Buhari’s health has improved tremendously — Speaker Dogara Edo House of Assembly new Speaker, Adjoto: The king maker who became king

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (271,551 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (253,331 views) Shameless Genevieve Nnaji exposes breasts in public (205,824 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (174,192 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (172,705 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (154,151 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (133,494 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (124,940 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (117,576 views) Lagos plane crash: Journalist releases victims’ names (109,058 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (108,522 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (101,011 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,661) Business Verdict (19) Columnists (727) Complaints & Requests (92) Enterprise & Opportunities (172) Entertainment (351) Features (476) Global Business Monitor (170) International (1,492) Interviews (128) Live Commentary (28) Love Matters (67) News (27,539) Opinion (780) Pidgin (8) Politics (3,854) Religion (595) Sports (1,305) Stock Watch (23) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN words on marble advert

 

 

Senator Adeleke on the dancing steps in London

 

APO Newsbreak logo

 

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

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

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