COVID-19: IFC invests $100m in Nigeria’s Zenith Bank to support SMEs Read more at: https://www.vanguardngr.com/2020/06/covid-19-ifc-invests-100m-in-nigerias-zenith-bank-to-support-smes/

The International Finance Corporation, IFC, a member of the World Bank Group, has announced an investment of up to $100 million in Zenith Bank Plc to help it increase support to clients and companies whose cash flows have been disrupted by challenges caused by the COVID-19 pandemic. IFC’s loan to Zenith Bank is its first investment in Africa through its COVID-19 fast-track financing support package. The funding will help Zenith, an existing IFC client and Africa’s sixth-largest bank, overcome challenges resulting from ongoing, limited access to foreign currency, working capital, and trade funding. READ ALSO:Edo 2020: We will obey Obaseki’s COVID-19 gazette in conducting primary ― APC Zenith will support dozens of businesses in Nigeria’s health, pharmaceuticals, food, and trading sectors, allowing them to strengthen operations, maintain employment, and access critical imports of goods, commodities, and raw materials during these challenging economic times. Ebenezer Onyeagwu, Group Managing Director/CEO, Zenith Bank, said, “IFC’s support is essential and will help us respond to challenges resulting from the COVID-19 pandemic. It will allow us to support compelling export initiatives and trade financing for critical goods and materials, especially for the medical and pharmaceuticals sectors. Our partnership with IFC is strong and we are committed to its environmental, social, and governance (ESG) requirements.” IFC’s loan to Zenith is part of its $8 billion global fast-track financing package, announced in March to support business activity and preserve jobs in the face of COVID-19. Eme Essien Lore, IFC Country Manager in Nigeria, said, “IFC’s support for Nigeria’s banking sector will help keep the wheels of Nigeria’s economy turning at a time when it is facing a major challenge from COVID-19. Our experience from past shocks, including the global financial crisis in 2008, has taught us that keeping companies solvent is key to saving jobs and limiting economic damage.” Kindly Share This Story:FacebookTwitterEmailWhatsAppPinterestShare Related IFC, Africa Fund provide N11bn loan to Diamond Bank The International Finance Corporation, IFC and the Africa Capitalization Fund, yesterday, announced plans to provide a convertible loan facility, worth about N11.2 billion ($70 million) to Diamond Bank Plc. August 9, 2012 IFC, Citi sign N158bn deal for growth of emerging markets The International Finance Corporation, IFC, a member of the World Bank Group, has entered into a partnership with Citi Group to boost trade and economic development in emerging markets across the globe with the signing of a N158 billion (US$1 billion) risk-sharing facility. November 2, 2012 IFC partners FCMB to acquire distressed bank First City Monument Bank, FCMB, Plc and International Finance Corporation,IFC, have entered into a strategic partnership with the aim of acquiring one of the distressed banks in Nigeria. November 29, 2010 All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS. Download Vanguard News App.   Technical Feedback: whatsapp 08023469027   READ our Privacy-policy and cookie policy. READ ALSO: Secret relationship is a fraud - Mandy Ujunwa Vanguard PROMOTED Sen. Osinowo's death deeply hurts, Says Tinubu Sack of Oshiomhole: Ondo govt denies jubilation in state over verdict Earn $1300 Per Day With Amazon Shares, $200 Minimum Investment, Get A Call Today! Invest Stocks Someone who doesn't have certificate will not understand what inconsistencies in certificates... Arthritis or Joint Pain? Doctor Says Do This First Thing Each… Motion free A genius from Nigeria found a way to eliminate bad breath forever! Read! Detox Resignation: I will not move with Obaseki – Ojezua

Read more at: https://www.vanguardngr.com/2020/06/covid-19-ifc-invests-100m-in-nigerias-zenith-bank-to-support-smes/