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EIB: €700M for projects in Nigeria

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Thursday, 12 July 2018

EIB: €700M for projects in Nigeria

Ms Isabelle Grunderbeeck, the Regional Representative for West Africa of European Investment Bank (EIB), says the bank plans to invest 700 million euros in some identified projects in Nigeria. Grunderbeeck disclosed this at the bank’s interactive meeting with its clients and other stakeholders in Abuja on Tuesday. She said that the planned investment was in addition to the fund already committed to the Nigerian economy. “EIB is currently identifying new projects for a total amount of 700 million euros on top of the funds already committed. “We finance large infrastructure project, and we are also important financier of climate, we are looking into the renewable energy sector of the economy,” she said. The official said that the bank had so far invested 296 million Euros in Small, Medium Enterprises (SMEs) in Nigeria in the last eight years. She said that the bank had also invested 87 million euros in 65 companies through the investment funds. “ Since 2010, EIB disbursed 296 million euros under seven facilities signed with nine Nigerian banks and 210 million euros for 50 sub-projects disbursed to be on-lent in foreign currency.Average allocation amount per project was 4.5 million euros. “It was spent on wholesale and retail trade, education, manufacturing, construction, transportation, accommodation, human health, information and communication, electricity and gas, agriculture, scientific and technical activities. “In 2018, EIB disbursed 17 million euros equity participation in Development Bank of Nigeria funding intermediaries for on lending to Micro Small and Medium Enterprises in local currency,” she said.

Source: nationalwire.com.ng