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: 4,697


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...
Cross River launches campaign to end violence against...

BREAKING: Buhari moves to replace 2 Supreme Court...

Igbos to drown in Lagos Lagoon? Your curse...

Eradiri vacates office as Ijaw Youths Council President,...

Rap superstar 50 Cent builds mansion in Africa...

Lay down your arms, Ijaw youths tell militants...

Chiwetel Ejiofor shines again, wins another Best Actor...

Amaechi: 52 garlands for an enigma, gallant, resolute...

RIGHTSView: WANTED: CITIZENS’ BAIL OUT OF EFCC

Day deaf students went on rampage in Benin...

Forex: Nigeria’s vehicle import drops by 80 percent...

NAICOM partners anglophone countries to strengthen insurance supervision...

 

Latest News Buhari’s speech leaks •His message for Boko Haram, Arewa Youths, IPOB, Niger Delta Militants, kidnappers, herdsmen/farmers Wike, Fayose, Ugwuanyi storm Anambra for PDP Ward Congress Chelsea rediscover winning formula, spoil Spurs’ Wembley opener FG, 36 states share N2.56tr — Investigations •Akwa Ibom, Lagos, 8 other states top list Mitee sues FG over failed section of East/West Road •Demands immediate, effective fixing of collapsed part of PH-Onne axis No alternative to Buhari — NUPENG PDP, APC cannot rescue Nigeria, says Pastor Bakare Fertiliser: NSIA releases new whistle-blowing numbers Osun declares public holiday for traditional religious festival Stakeholders hail NIMASA on new Cabotage implementation initiative 30 CSOs hold rally for Buhari Police open investigation into assassination of Benue Governor’s aide

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (272,197 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (254,102 views) Shameless Genevieve Nnaji exposes breasts in public (206,472 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (174,438 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (173,132 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (154,708 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (133,941 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (125,102 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (117,992 views) Lagos plane crash: Journalist releases victims’ names (109,418 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (108,724 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (101,273 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,661) Business Verdict (19) Columnists (728) Complaints & Requests (92) Enterprise & Opportunities (172) Entertainment (352) Features (476) Global Business Monitor (170) International (1,497) Interviews (128) Live Commentary (28) Love Matters (67) News (27,616) Opinion (781) Pidgin (8) Politics (3,859) Religion (597) Sports (1,307) 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

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!