Citibank Nigeria

completed

Citibank Nigeria is sponsored by Citibank N.A.- Project Cost Including proposed IFC investmentTotal project cost is estimated at $40 million. -Location of project and Description of site: Nigeria-Description of Company and Purpose of ProjectThe project involves an IFC loan of up to US$40.0 million to Citibank Nigeria (the Bank) to be on-lent to private Nigerian enterprises for rehabilitation, trade finance, working capital and new investment projects. The project constitutes IFC’s first term finance facility in Nigeria in almost 10 years. Citibank Nigeria was incorporated in 1984 as a joint venture between Citibank N.A. (40%) and private Nigerian investors (60%) under the name Nigeria International Bank Ltd (NIB). However, following 12 years of successful operations and strong profitability, Citibank N.A. in 1996 increased its stake to 75% thereby assuming majority ownership of the Bank and changing its name from NIB to Citibank Nigeria. Citibank is considered as one of the most innovative banks in Nigeria providing diversified products to its customers including the provision of short and medium term foreign currency loans. The Bank''s reputation has been built on its strong credit risk management, good loan quality, strong profitability, internal controls and good service quality. As at the end of 1998, the Bank had ten branches throughout Nigeria. - Environmental Category and IssuesThis is a Financial Intermediary (FI) Type 2 project according to IFC''s environmental review procedure. Citibank Nigeria will be required to undertake an environmental review of each sub-project to ensure compliance with host country requirements, IFC environmental and social safeguard policies, and, if applicable, World Bank Group environmental, health and safety guidelines. IFC will assess the Bank''s capability to carry out environmental reviews. Diamond Bank Nigeria must obtain IFC clearance prior to making any investment with IFC funds in any Category A project.The is from the InfoShop.Host country location of environmental documentsNigeriaDate SPI sent to InfoShop February 1, 2000“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”For Additional Information contact:Corporate Relations Unit Telephone:(202) 473-7711Fax:(202) 974-4384