Nigeria - Fidelity Bank Plc

The project aims to provide a 7-year line of credit (LOC) to Fidelity Bank Plc - Nigeria amounting to USD 75 million and a syndicated LOC of up to USD 75 million on a best-effort basis. Fidelity began operations in 1988 as Fidelity Union Merchant Bank Ltd, became a full service bank and public limited company in 1999 and converted into a universal bank in 2001. The proposed financing will provide much-needed medium-term liquidity to Fidelity and will therefore enable Fidelity to fund its projects pipeline and thus expand its loan portfolio, particularly in the manufacturing and infrastructure sectors. 20% of the LOC proceeds will be dedicated towards SMEs who, in accordance with the Central Bank of Nigeria’s (CBN) definition comprise of enterprises with a maximum asset base (excluding land and buildings) of N500 million (USD 3.18 million) and a maximum of 300 employees.