GTB III

completed

The project consists of a line of credit of up to $20 million to Guaranty Trust Bank, Plc (GTB or the bank), the fifth largest commercial bank in Nigeria in terms of total assets and one of the three AAA rated banks in the country. The project's main objective is to address the scarcity of term finance in Nigeria. Despite a recent improvement in political stability and a commitment to market-oriented economic reform, Nigeria has yet to attract a level of foreign investment in line with the size of its economy. This is creating a critical constraint in the country’s development goals, particularly as significant investments are needed to upgrade private sector productive capacity and operations to sustainable levels, and finance the privatization of major industries which the government has planned. The proposed investment allows IFC to partially address these constraints by making available foreign exchange term resources through an efficient financial institution.