Signing Ceremony Between the African Development Bank and Zenith Bank Plc (Nigeria) for a Senior Loan of USD 50 Million
Tunis -15 March 2010- The African Development Bank (AfDB) has committed a senior Loan of USD 50 million under the AfDB’s Emergency Liquidity Facility (ELF) to Zenith Bank Plc (Nigeria). This loan agreement was signed today by AfDB Private Sector Operations Director, Mr. Tim Turner and Ms. Pamela Yough, General Manager, Zenith Bank Plc, (Nigeria).
Consistent with its focus on support to the real sector, Zenith Bank will channel the loan proceeds to deserving projects, thereby playing a critical role in accelerating growth and creating employment. This facility will enable Zenith Bank to expand credit to productive sectors of the Nigerian economy at a time when liquidity is still tight and credit markets remain constrained even as the global financial crisis has begun to ease. Priority will be given to selected projects with growth potential in key sectors of the economy, and demonstrate high development impact, as well as strong SME linkages.
Speaking at the ceremony, Mr. Tim Turner, AfDB Director, Private Sector Operations, underscored the importance of this loan and stated that “Regional commercial Banks such as Zenith Bank have an important role to play in accelerating Africa’s economic growth, social development and economic integration of our nations. The AfDB is committed to supporting these institutions with comprehensive assistance such as this loan to Zenith Bank. We hope that this support will go a long way in strengthening Zenith Bank and enhancing the impact of its operations in Nigeria”.
Ms. Pamela Yough, on behalf of Zenith Bank stated that “this continued beneficial relationship between the AfDB and Zenith Bank Plc is attested to the confidence of international financial institutions in our bank. We believe development will encourage Nigerian entrepreneurs with bankable projects to approach the African Development Bank for funding. This partnership will impact positively on the Nigerian economy through funding of large scale infrastructural projects.