European Bank grants Stanbic IBTC loan to upgrade SME’s
As part of measures to improve and enhance her Small and Medium Enterprises (SME) operations, Stanbic IBTC bank, a leading financial brand globally has obtained a line of credit facility to boost its SME’s loan portfolio in Nigeria.
The loan secured, according to a statement issued by the financial lender will be used to facilitate infrastructural projects in selected areas of the Nigerian economy such as oil and gas, agriculture, and telecommunications.
The statement reads, “Stanbic IBTC has concluded a $90m line of credit facility from the FMO. The purpose of the facility, consummated recently, is for the bank to on-lend to small and medium sized companies for the financing of projects in the infrastructure sector, which include agriculture, oil and gas, power, ports and telecom companies within Nigeria. The facility will run for a term of five years.”
“The facility was provided to Stanbic IBTC Bank by the FMO along with European Financing Partners and the DEG – Deutsche Investitions- und Entwicklungsge-sellschaftmbH.”
According to the statement, the Chief Executive Officer, Stanbic IBTC, MrYinkaSanni, noted that the granting of the credit facility to the bank by the European lenders showed the confidence the lenders had reposed in the bank.
In her remarks, the Chief Investment Officer, FMO- the principal lender said, “This second facility to Stanbic IBTC Bank is further testimony to the long and good relationship between the Standard Bank Group and FMO.”
She further added, “This syndicated loan facility will assist Stanbic IBTC Bank in expanding its leading role in financing of infrastructure development and providing long term funding to small and
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