Lagos - The African Development Bank (AfDB) has given Stanbic IBTC Bank a $100 million Line of Credit (LOC) for on-lending to small and medium scale enterprises (SMEs) operating in various sectors in the Nigerian economy.
A breakdown of how the funds would be disbursed shows that $75 million would be utilised in funding SME projects while $25 million will be used for the funding of renewable energy and energy efficiency projects, reports The Nation.
Yinka Sanni, the Chief Executive of Stanbic IBTC, said the bank will continue to explore various channels of credit to empower small and medium-sized businesses because they form an integral part of the Nigerian economy.
He appreciated the trust bestowed on the bank by the AfDB in granting the facility.
Read more at The Nation.
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