(Ecofin Agency) - Nigeria's Federal Executive Council (FEC) has approved the request for a $1.3 billion loan from international lenders to fund the Development Bank of Nigeria (DBN), the Minister of Finance, Kemi Adeosun (photo), revealed on Wednesday.

According to Adeosun, the loan includes $500 million from the World Bank to be repaid over 21 years, $450 million from the African Development Bank, $200 million from German state bank KfW, and $130 million from the French Development Agency. She said the loan is still subject to approval by the National Assembly.

The loan approval is coming a week after the Central Bank approved a licence for the bank. DBN aims to support small businesses with loans at lower rates.

Anita Fatunji