DBN gets $70 million support from EIB, AFDB

News Express |19th Apr 2018 | 2,296

AFBD President, Dr Akinwunmi Adesina

The European Investment Bank has finalized a $20 million equity stake in a new Nigerian-backed development bank set up to boost lending to small businesses and agriculture.

The African Development Bank (AfDB) will also invest $50 million in the Development Bank of Nigeria, the two development lenders said in a statement.

The new Nigerian bank – modelled onGermany’s KfW – will lend to local commercial banks and micro-finance institutions that will, in turn, make loans to small firms, helping to boost economic growth and jobs. (Reuters)

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