Diamond Bank

completed

Diamond Bank is sponsored by diamond bank Ltd.- Project Cost Including proposed IFC investmentTotal project cost is estimated at $20 million.- Location of project and Description of site: Nigeria- Description of Company and Purpose of ProjectThe project involves an IFC loan of up to $20.0 million to Diamond Bank Nigeria (the Bank) to be on-lent to private Nigerian enterprises for rehabilitation, trade finance, working capital and new investment projects. The project constitutes one of IFC’s first term finance facility in Nigeria in almost 10 years. Diamond Bank was established in 1991 as a commercial bank with a capital base of about N50 million ($500,000 equivalent). Today, the Bank''s equity and asset base is about N2.9 billion ($30 million equivalent) and N23 billion ($242 million equivalent), respectively making it one of the largest banks in Nigeria. Diamond Bank is primarily a commercial bank with a leading position in the middle market with strong focus and presence in the biggest and busiest commercial and industrial cities where businesses such as manufacturing, oil and gas, transportation and general commerce thrives. Diamond Bank operates throughout Nigeria with about 24 branches and has state of the art banking technology. - Environmental Category and Issues This is a Financial Intermediary (FI) Type 2 project according to IFC''s environmental review procedure. Diamond Bank 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