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German Bank offers N6.3b new loans to small businesses

12 November 2013, 19:02

Abuja - A new round of loans from Germany's KfW Development Bank will make over N6billion available to small and medium-sized enterprises (SME's) for renewable energy development,Daily Trust reports. .

Timothy Oyedeji, Ministry of Power's Deputy Director of Press, disclosed this in Abuja.  The Federal government and officials of the bank made this deal in the city.

He said the ministry will manage the loans, which will be targeted at the development of energy and infrastructure in local communities.

He added that smaller companies do not have enough money to enter the energy market, making the loans particularly helpful.

He noted that officials of the bank have assured Nigeria of continued support for power sector reform through the provision of more credit.

He, however, did not specify the conditions that businesses must meet for the loans.

For more on this story, visit the  Daily Trust.


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