Nigeria - Stanbic IBTC Bank PLC

This Project aims to extend a 7-year line of credit (LOC) of USD 100 million to Stanbic IBTC Bank PLC of Nigeria (SIBTC), for on-lending to small and medium-sized enterprises (SMEs) in various sectors of the Nigerian economy as well as for financing renewable energy and energy efficiency (RE/EE) projects in Nigeria. Stanbic has a pipeline of projects of USD 296 million. The financing from the AfDB will fund a portion of this pipeline with the balance to be funded with internally generated resources and loans from other DFIs where possible. The LOC will enable SIBTC to gain access to much needed long-term foreign currency funding to generate additional lending to its clients. Finally, the proposed intervention will complement the existing efforts to support to the Nigerian SME and energy sectors.