Fidelity bank banner NewsExpress advert
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 Share on Google+

Views: 6,098


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 Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Nwankwo, at London Stock Exchange, advises African countries...

Agip oil leak pollutes Bayelsa community

President Buhari’s Message

Shell profits jump as oil prices soar

Okorocha bans THISDAY, Vanguard Correspondents from Imo Government...

Nigerian Army inaugurates base in Kafanchan

Senate queries SGF, minister over lopsided appointment of...

Why I want to be Governor of Anambra...

“Nebo has laid solid foundation for power revolution’:...

Niger Delta youths demand oil refinery in Akwa...

Of Universal Senator, sycophants and Peter Obi, By...

FG probes more judges, serving minister; says ICPC,...

 

Latest News BREAKING: Real Madrid beat Liverpool in 2018 Champions League final EFCC begins probe of Obasanjo's $16bn power projects 30th May will witness a total lock-down of South East, South South - IPOB Police Recruitment: JAMB screens 37,000 candidates in 156 CBT centres Armed bandits kill community leader in Benue JOHESU appeals court judgement ordering it to suspend strike Anti-graft fight: We need support, not condemnation — FG If you use your powers negatively, posterity will haunt you - Jonathan tells Buhari Military confirms fire incident at Conoil fields in Bayelsa MeCAM laments effects of wanton killings on Nigerian children, tasks FG IDPs rape report: Stop living in denial, HURIWA tells FG 2018 African Brand Congress to hold in Nigeria

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (346,017 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (342,958 views) Shameless Genevieve Nnaji exposes breasts in public (274,132 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (225,384 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (205,631 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (203,460 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (177,497 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (159,774 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (150,668 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (144,022 views) Lagos plane crash: Journalist releases victims’ names (140,415 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (132,810 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (43) Business & Economy (3,163) Business Verdict (43) Columnists (858) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (498) Features (598) Global Business Monitor (275) International (1,974) Interview (149) Live Commentary (28) Love Matters (120) News (35,633) Opinion (973) Pidgin (10) Politics (5,079) Religion (747) Sports (1,519) Stock Watch (29) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Boko Haram commanders surrender

 

APO Group Partner

 

 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement