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Monday, 08 March 2010

EIB provides largest ever investment in Africa

The European Investment Bank (EIB) today signed the Nigeria Framework Loan which will provide up to EUR 240m to three Nigerian banks: FirstBank of Nigeria, Guaranty Trust Bank and Stanbic IBTC. The funding will be used to facilitate private and public private partnership infrastructure in the country and ensure continued investment in the sector. The Nigeria Framework Loan represents the largest single investment by the European Investment Bank, the long-term lending institution of the European Union. The Nigeria Framework Loan will focus in infrastructure projects that promote economic development, foster private sector development and create a competitive business environment. These could include among others, projects in the energy, power, transport and telecommunications sectors, and associated manufacturing industries.

Source: European Investment Bank