“IFC invests $100 million in Zenith Bank to support SMEs amid COVID-19” – Nairametrics – June 18, 2020

On June 18, 2020 Nairametrics reported that “International Finance Corporation (IFC), a member of the World Bank Group, today announced an investment of up to $100 million in Nigeria’s 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.

IFC’s loan to Zenith Bank is its first investment in Africa through its COVID-19 fast-track financing support package. The funding will help Zenith, an existing IFC client and Africa’s sixth-largest bank, to overcome challenges resulting from ongoing limited access to foreign currency, working capital, and trade funding.

Ebenezer Onyeagwu, the Group Managing Director/CEO of Zenith Bank, said the ‘IFC’s 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.’

The loan is IFC’s first in Africa under its global COVID-19 fast-track financing support package.”

You may read the article on the Nairametrics internet site.