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
-
Togo, Benin and Senegal launch free community roaming services
19:15
-
Ecobank’s 2025 performance: growth, discipline and the return of dividends
18:41
-
Weekly Health Update | Vaccination Gains Advance in Africa; Antimalarial Resistance Threatens Progress
18:16
-
West Africa’s Onion Trade Runs Largely on Informal Networks — a System Both Stabilizing and Fragile
17:42
-
Niger Tightens Firearms Regulations Amid Rising Security Threats
20:52
-
Ahmed Rostom’s Wuilt Simplifies Online Business Creation Across Africa
17:55
-
Botswana Tech Fund Debuts $67.5 Million Vehicle for Southern African Startups
17:54
-
Burkina Faso Prioritizes Tech Sovereignty in Talks with Italian Investors
17:52
-
IT Specialist Mohammed Ouahabi Disrupts Algerian Healthcare with Nafsia
17:50
-
Cameroon Commissions First Private Solar Mini-grid Under Energy Compact
14:35
(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...
Mobile phones have become essential tools for work, education, payments and staying connected across...
Ecobank Transnational Incorporated asked shareholders to vote on a $500 million Tier 2 Eurobond...
Africa produces what it doesn’t consume, and consumes what it doesn’t produce. That stark line captu...
Funding part of $250 million raise to boost investor confidence Fintech expands services, pr...
From eastern Chad, where measles and meningitis are spreading through overcrowded refugee camps, to the progress and fragility of vaccination campaigns...
A staple of West African cuisine, onions are among the sub-region’s most widely grown horticultural products and a key driver of intra-regional trade,...
Niger adopts draft decree to regulate firearm acquisition, possession, and use New framework introduces stricter controls, traceability requirements,...
Chad and Algeria sign agreement to study a 20,000 bpd refinery project Chad continues to import large volumes of refined products despite crude output...
CANAL+'s film arm backs a ZAR 300-million feature rooted in South Africa's anti-apartheid music movement. Production kicks off June 29 in Cape Town,...
Burkina Faso launches “SORA” university series filming in Ouagadougou 25-episode project explores student life challenges and...