Nigeria’s Access Bank gets $50mln IFC loan
Wednesday, 22 July 2020 15:37
The International Finance Corporation, the private sector arm of the World Bank, has approved a loan worth $50 million to Nigeria’s Access Bank to help it support SMEs facing cash strain due to the coronavirus pandemic. The resource has a maturity of 12 months with an undisclosed interest rate.
“The funds from the loan, made through IFC’s global COVID-19 fast-track financing support package, will allow Access Bank to provide increased trade financing and working capital to their business clients experiencing disrupted cash flows, hence supporting business activity and preserving jobs,” the international body said in a statement.
The global COVID-19 fast track facility, launched in March 2020, is aimed at supporting vulnerable businesses and preserving jobs in this pandemic context. Under this program, the institution has invested about $400 million in Africa.
Idriss Linge
Live News
-
Ghana Moves to Cap Fuel Prices with Temporary Subsidy Amid Oil Rally
20:37
-
DRC Eyes 3.5-km Viaduct to Relieve Kinshasa Traffic Congestion
20:27
-
Ubiquity AI CEO Kaveer Beharee Uses Behavioral AI to Curb Debt Defaults
20:20
-
Rwanda Partners U.S. Firm Ansys to Integrate Engineering Simulation Into Higher Education
20:14
-
Ivory Coast Partners Montpellier University to Advance Space Capabilities
20:02
-
Togo cotton output rebounds, nears multi-year high
18:21
-
Mozambique, South Africa Advance Digital Border Plan on Maputo-Gauteng Corridor
17:40
-
South Africa Detains Beninese Activist Kemi Seba, Confirms Benin Arrest Warrant
17:29
-
Africa's fiscal tightrope: IMF's Era Dabla-Norris on debt markets, tax reform and the limits of discipline
15:49
-
Africa's fiscal tightrope: IMF's Era Dabla-Norris on debt markets, tax reform and the limits of discipline
15:22
Driven by above-average growth and rapidly expanding demographics, Francophone Africa is emerging as...
Algeria launches bid for two NGSO satellite telecom licenses Move aims to expand broadband ac...
EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...
Coca-Cola unit trains 260+ SMEs in Namibia business skills Program targets women, youth, disabled...
Four major operators—Mauritel, Mattel, Rimatel, and Chinguitel—submitted a combined bid of ...
Ghana will subsidize fuel prices by 2 cedis per litre of diesel and 0.36 cedi per litre of petrol starting April 16. The measure will last one month as...
The DRC government plans a 3.5-km, 2x2-lane urban viaduct in western Kinshasa to reduce chronic congestion. The project targets key bottlenecks,...
Mozambique, South Africa to launch digital one-stop border system Reform expected to cut delays, integrates customs, immigration, cargo...
Activist Kemi Seba arrested in Pretoria with two others Suspected illegal border crossing attempt costing 250,000 rand Faces extradition to...
Fally Ipupa plans a two-part album project combining urban sounds and traditional rumba. The first album “XX” releases on April 17, while “XX Delirium”...
MASA 2026 gathers artists and industry professionals from over 28 countries in Abidjan. The event features 99 performances across market and...