Nigeria - Second Line of Credit to Zenith Bank PLC

The project is in line with the Bank’s Private Sector Strategy of support financial institutions for the development of private sector activities in Regional Member Countries. It consists of granting additional resources to Zenith Bank in the form of a second line of credit (LOC II) of USD 100 million. LOC II will be utilised to finance infrastructure projects, corporates and SMEs in the agribusiness, energy, telecommunications manufacturing and extractive industries. With the Bank’s line of credit, Zenith will be able to provide medium to long-term funding to sub-borrowers in Nigeria. Such medium to long term funding is not readily available to corporate companies in Nigeria and term funding is fundamental for the implementation of investment plans and the development of the economy.