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GTB currently has an advanced project pipeline of USD 716.8 million. The proposed USD 100 million LOC to GTB will cover around 14% of GTB financing requirements. It is to be used primarily to support GTB long-term project finance activities in Nigeria mainly in the transportation, infrastructure, oil and gas and manufacturing industries.
To provide GTB with foreign currency liquidity to underpin the financing of ongoing projects in key sectors and boost productive capacity
The LOC, to finance transportation, manufacturing and industrial projects, is well aligned with institutional and national priorities for the financial sector, in particular, at a time when global liquidity is drying up. The proposed transaction aligns with the Bank's Country Strategy Paper (CSP) as well as the Government's promotion of the private sector as part of its national development agenda. It also fits with OPSM's strategy to support sound and capable financial institutions during the financial crisis.
The proposed loan will enable GTB to meet its funding commitments to existing subprojects and clients in key sectors of the economy. By facilitating the flow of liquidity to the private sector during the current financial crisi, the proposed loan will help secure existing jobs, create new employment, grow incomes and improve living standards.
AKINWUMI Emmanuel Ibituase - PIFD