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: 4,995


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...
The challenge before the elite

Private property developer adds beauty to Awka skyline...

Troops, Boko Haram in fierce battle in Chief...

Era of military rule gone forever, says Chief...

YOU’RE WASTING YOUR TIME —Oritsejafor tells Boko Haram...

Modern Hitler: North Korean crimes like those of...

Traders ask Obiano to construct roads in Oba...

Police officer who betrayed 10 murdered DSS operatives...

I’ve no governorship ambition, says Alamieyeseigha •Berates mischief...

Kidnapping: Nigerian Army to launch ‘Operation Rescue Final’...

Maiduguri farmers seek military protection from Boko Haram...

Oba of Lagos warns impersonators, condemns indiscriminate construction...

 

Latest News Southern Governors unite, demand true federalism, devolution of powers Gang wars shake Ibadan •Houses, cars burnt; residents flee Ronaldo is FIFA World Best Player of the Year PDP chairmanship aspirants undergo screening in Abuja 215 police officers, others undergo emergency, anti-terrorism training Fidelity Bank grows profit by 65.1 per cent Head of Service faults Interior Minister, washes hands off Maina’s reinstatement Niger Govt. releases N50m monthly for students’ scholarships Police kill deputy to suspected armed robbery kingpin We’ll ensure safety of use of electricity, lives, property across electricity supply value chain — NEMSA Boss Forex: CBN consolidates market stability with $195m Bayelsa agog as 300 indigenes exiled by electoral violence return home

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (288,245 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (271,414 views) Shameless Genevieve Nnaji exposes breasts in public (218,802 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (184,292 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (179,726 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (162,599 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (141,010 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (128,861 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (123,945 views) Lagos plane crash: Journalist releases victims’ names (114,377 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (112,322 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (104,677 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (30) Business (2,734) Business Verdict (25) Columnists (758) Complaints & Requests (93) Enterprise & Opportunities (184) Entertainment (396) Features (497) Global Business Monitor (187) International (1,592) Interviews (134) Live Commentary (28) Love Matters (79) News (29,578) Opinion (828) Pidgin (8) Politics (3,996) Religion (645) Sports (1,341) Stock Watch (23) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN Words on marble

 

 

#MonkeyPox outbreak

 

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

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!