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Monday, 23 January 2017

Germany, France, AfDB to fund Development Bank of Nigeria

The Development Bank of Nigeria (DBN) is expected to kick off operations in 2017, with funding from Germany, France, the World Bank, and a few other financing institutions. According to the ministry of finance, led by Kemi Adeosun, “the DBN will have access to US$1.3bn (N396.5 billion), which will be provided by the World Bank (WB), KfW (German Development Bank), the African Development Bank (AfDB) and the Agence Française de Development (French Development Agency)”. “Additionally, the DBN is currently finalising agreements with the European Investment Bank (EIB),” the ministry said in a statement, which further explains the dealings of the bank. What is the Development Bank of Nigeria? The Development Bank of Nigeria (DBN) is a wholesale financial institution which aims to increase access to finance for Micro, Small and Medium Enterprises (MSMEs) through eligible financial intermediaries (“participating financial institutions”). Which financial institutions will work with DBN as participating financial institutions? Banks and financial institutions that meet up with a full set of eligibility requirements will be qualified to receive funds from the DBN.

Source: www.thecable.ng