{"id":2952,"date":"2020-06-18T09:55:59","date_gmt":"2020-06-18T08:55:59","guid":{"rendered":"https:\/\/thedailyleaks.com\/?p=2952"},"modified":"2020-06-18T09:55:59","modified_gmt":"2020-06-18T08:55:59","slug":"ifc-invests-100m-in-nigerias-zenith-bank-to-help-smes-overcome-covid-19-challenges","status":"publish","type":"post","link":"https:\/\/thedailyleaks.com\/ifc-invests-100m-in-nigerias-zenith-bank-to-help-smes-overcome-covid-19-challenges\/","title":{"rendered":"IFC invests $100m in Nigeria\u2019s Zenith Bank to help SME’s overcome COVID-19 challenges"},"content":{"rendered":"

International Finance Corporation (IFC), a member of the World Bank Group, has announced an investment of up to $100 million in Nigeria\u2019s Zenith Bank Plc to help it increase support to clients and companies whose cash flows have been disrupted by challenges caused by the COVID-19 pandemic.<\/p>\n

IFC\u2019s loan to Zenith Bank is its first investment in Africa through its COVID-19 fast-track financing support package.<\/p>\n

Announcing the contribution on Thursday, IFC said the funding will help Zenith, an existing IFC client and Africa\u2019s sixth largest bank, overcome challenges resulting from ongoing, limited access to foreign currency, working capital, and trade funding.<\/p>\n

Zenith will support dozens of businesses in Nigeria\u2019s health, pharmaceuticals, food, and trading sectors, allowing them to strengthen operations, maintain employment, and access critical imports of goods, commodities, and raw materials during these challenging economic times.<\/p>\n

ALSO READ:\u00a0<\/strong>COVID-19: Nigerian government gives conditions reopening of schools<\/a><\/strong><\/p>\n

Ebenezer Onyeagwu, Group Managing Director\/CEO of Zenith Bank, said, \u201cIFC\u2019s support is essential and will help us respond to challenges resulting from the COVID-19 pandemic. It will allow us to support compelling export initiatives and trade financing for critical goods and materials, especially for the medical and pharmaceuticals sectors. Our partnership with IFC is strong and we are committed to its environmental, social, and governance (ESG) requirements.\u201d<\/p>\n

IFC\u2019s loan to Zenith is part of its $8 billion global fast-track financing package, announced in March to support business activity and preserve jobs in the face of COVID-19. Close to 300 clients have requested support globally.<\/p>\n

The closure of borders, shutting of businesses, and reduced global trade related to COVID-19 are affecting Nigeria\u2019s economy and others across Africa, with the World Bank predicting Africa\u2019s first recession in 25 years.<\/p>\n

Eme Essien Lore, IFC Country Manager in Nigeria, said, \u201cIFC\u2019s support for Nigeria\u2019s banking sector will help keep the wheels of Nigeria\u2019s economy turning at a time when it is facing a major challenge from COVID-19. Our experience from past shocks, including the global financial crisis in 2008, has taught us that keeping companies solvent is key to saving jobs and limiting economic damage.\u201d<\/p>\n

Zenith has more than 400 branches in Nigeria and serves over 9 million corporate and individual clients\u00a0within its global footprint.\u00a0IFC\u2019s overall portfolio in Nigeria stands at $1.3 billion, in sectors including manufacturing, financial services, infrastructure, and technology.<\/p>\n","protected":false},"excerpt":{"rendered":"

International Finance Corporation (IFC), a member of the World Bank Group, has announced an investment of up to $100 million in Nigeria\u2019s Zenith Bank Plc to help it increase support to clients and companies whose […]<\/a><\/p>\n<\/div>","protected":false},"author":2,"featured_media":2953,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,3,2],"tags":[531,41,532],"coauthors":[25],"class_list":{"0":"post-2952","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"category-latest-news","9":"category-top-news","10":"tag-ifc","11":"tag-nigeria","12":"tag-zenith-bank"},"yoast_head":"\nIFC invests $100m in Nigeria\u2019s Zenith Bank to help SME's overcome COVID-19 challenges - The Daily Leaks<\/title>\n<meta name=\"description\" content=\"International Finance Corporation (IFC), a member of the World Bank Group, has announced an investment of up to $100 million in Nigeria\u2019s Zenith Bank Plc\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thedailyleaks.com\/ifc-invests-100m-in-nigerias-zenith-bank-to-help-smes-overcome-covid-19-challenges\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IFC invests $100m in Nigeria\u2019s Zenith Bank to help SME's overcome COVID-19 challenges - 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