P
ProfRem
Guest
President Muhammadu Buhari-led federal executive council has approved $1.3 billion credit facilities to support the Development Bank of Nigeria (DBN).
Addressing State House correspondents after the council meeting, Finance Minister, Mrs. Kemi Adeosun said the World Bank had already given $500m loan repayable over 21 years at concessional rate.
She said the African Development Bank would provide $450 million loan; KfW Development Bank, $200 million and the French Development Agency, $130m.
She explained that the credit facilities would enable the Development Bank of Nigeria to lend to Micro, Small and Medium Enterprises over much longer periods at much lower rates.
The minister, who recalled that the Development Bank of Nigeria was recently licensed, said it was being funded by long term loans from some development partners.
Addressing State House correspondents after the council meeting, Finance Minister, Mrs. Kemi Adeosun said the World Bank had already given $500m loan repayable over 21 years at concessional rate.
She said the African Development Bank would provide $450 million loan; KfW Development Bank, $200 million and the French Development Agency, $130m.
She explained that the credit facilities would enable the Development Bank of Nigeria to lend to Micro, Small and Medium Enterprises over much longer periods at much lower rates.
The minister, who recalled that the Development Bank of Nigeria was recently licensed, said it was being funded by long term loans from some development partners.
