Nigeria’s FEC approves $1.3 billion loan request to fund DBN
Thursday, 06 April 2017 17:13
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
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