{"id":440144,"date":"2011-06-13T07:35:52","date_gmt":"2011-06-13T07:35:52","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/06\/13\/african-development-bank-approves-700m-financial-package-for-two-nigerian-banks\/"},"modified":"2011-06-13T07:35:52","modified_gmt":"2011-06-13T07:35:52","slug":"african-development-bank-approves-700m-financial-package-for-two-nigerian-banks","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/06\/13\/african-development-bank-approves-700m-financial-package-for-two-nigerian-banks\/","title":{"rendered":"African Development Bank approves $700m financial package for two Nigerian banks"},"content":{"rendered":"
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You Are Here: Home<\/a> \u00bb Africa\/International<\/a>, Second Lead<\/a> \u00bb African Development Bank approves $700m financial package for two Nigerian banks<\/p>\n

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Page last updated at Monday, June 13, 2011 7:07 AM \/\/ <\/span><\/div>\n

\"\"<\/a>The Board of Directors of the African Development Bank (AfDB) has approved two separate financial packages for two leading banks in Nigeria.<\/p>\n

The Nigerian Export-Import Bank (NEXIM) and the Bank of Industry (BOI) are the receivers of the $700 million financial package which according to the AfDB, will be geared towards helping the Small and Medium-sized Enterprises (SMEs) in Nigeria.<\/p>\n

According to a statement published on AfDB\u2019s website, both packages were approved on May 26, 2011.<\/p>\n

\u201cOn May 26th, the Board of Directors of the African Development Bank (AfDB) Group approved a sovereign guaranteed Program, in the amount of $200 million, to the Nigerian Export-Import Bank (NEXIM) for financing export-oriented Small and Medium-sized Enterprises (SMEs) in Nigeria\u201d, the AfDB stated.<\/p>\n

\u201cThe funds for the Programme will be channeled through NEXIM by way of a multi-tranche Line of Credit\u201d, it added.<\/p>\n

The AfDB says a portion of the proceeds of the programme will be used to pay for Technical Assistance for capacity building at both NEXIM and the SMEs.<\/p>\n

In a separate statement, the AfDB said \u201cOn May 26, 2011, the Board of Directors of the African Development Bank (AfDB) Group approved a sovereign guaranteed Program, in the amount of $500 million, to the Bank of Industry (BOI) for financing domestic-oriented Small and Medium-sized Enterprises (SMEs) in Nigeria.\u201d<\/p>\n

A portion of the proceeds of the Program will be used to pay for Technical Assistance for capacity building at both BOI and the SMEs, the Bank indicated.<\/p>\n

The AfDB says both financial packages programme is expected to generate significant additional lending to domestic and export-oriented SMEs at a time when commercial banks are notably reluctant to finance this important sector of the economy in Nigeria.<\/p>\n

According to the Nigerian Federal Office of Statistics, SMEs account for 97% of all businesses in Nigeria, contributing 50% of employment and output in the non-oil sector.<\/p>\n

\u00a0<\/p>\n

By Ekow Quandzie<\/p>\n

Comments<\/h4>\n<\/div>\n

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\nAfrican Development Bank approves $700m financial package for two Nigerian banks<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

You Are Here: Home \u00bb Africa\/International , Second Lead \u00bb African Development Bank approves $700m financial package for two Nigerian banks Page last updated at Monday, June 13, 2011 7:07 AM \/\/ The Board of Directors of the African Development Bank (AfDB) has approved two separate financial packages for two leading banks in Nigeria. The Nigerian Export-Import Bank (NEXIM) and the Bank of Industry (BOI) are the receivers of the $700 million financial package which according to the AfDB, will be geared towards helping the Small and Medium-sized Enterprises (SMEs) in Nigeria. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-440144","post","type-post","status-publish","format-standard"],"yoast_head":"\nAfrican Development Bank approves $700m financial package for two Nigerian banks - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/06\/13\/african-development-bank-approves-700m-financial-package-for-two-nigerian-banks\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"African Development Bank approves $700m financial package for two Nigerian banks - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"You Are Here: Home \u00bb Africa\/International , Second Lead \u00bb African Development Bank approves $700m financial package for two Nigerian banks Page last updated at Monday, June 13, 2011 7:07 AM \/\/ The Board of Directors of the African Development Bank (AfDB) has approved two separate financial packages for two leading banks in Nigeria. 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