Nigeria - Development Bank of Nigeria Plc Project

The extension of long-term funding in a combination of sovereign loans and equity for an amount of up to USD 500 million from the African Development Bank Group for the new DFI being established in partnership between the FGN and international DFIs such as the AfDB Group, the World Bank, KfW, DFID and AFD. The Development Bank of Nigeria (DBN) will utilize the bulk of the mobilized funds for on-lending to MSMEs operating in various sectors of the Nigerian economy through eligible participating financial institutions while a portion (20% of the AfDB Group funding) will be used to benefit small and medium-sized corporates through PFIs as well. The Development Bank of Nigeria (DBN) will also provide risk-sharing facilities and technical assistance to the PFIs to better serve the targeted beneficiary enterprises.