Nigeria’s Access Bank gets $50mln IFC loan
Wednesday, 22 July 2020 15:37
The International Finance Corporation, the private sector arm of the World Bank, has approved a loan worth $50 million to Nigeria’s Access Bank to help it support SMEs facing cash strain due to the coronavirus pandemic. The resource has a maturity of 12 months with an undisclosed interest rate.
“The funds from the loan, made through IFC’s global COVID-19 fast-track financing support package, will allow Access Bank to provide increased trade financing and working capital to their business clients experiencing disrupted cash flows, hence supporting business activity and preserving jobs,” the international body said in a statement.
The global COVID-19 fast track facility, launched in March 2020, is aimed at supporting vulnerable businesses and preserving jobs in this pandemic context. Under this program, the institution has invested about $400 million in Africa.
Idriss Linge
Live News
-
West African Universities Draft Long-Term Training Plan to Meet Labor-Market Needs
16:40
-
Morocco to Build Advanced Technology School in Dakhla
16:37
-
Why Human Capital Matters: The World Bank’s View and Its Importance for Africa
16:34
-
Madagascar Forces Internet Price Cuts After Standoff With Telecom Operators
16:27
-
Zazu Raises $1 Mln as It Prepares Pan-African Expansion in 2026
15:09
-
Wise Wins Conditional Approval to Offer FX Transfers in South Africa
15:04
-
West African States Meet in Togo to Discuss Syndromic Surveillance Network
15:01
-
D-Prize Opens Applications for Up to $20,000 Seed Funding for African Startups
15:00
-
Togo Adds Three New Digital Administrative Procedures to National E-Service Platform
14:58
-
Togo Makes HIV Gains but Faces Increasing Financial Pressures
14:32
Vodacom Tanzania launches M-Pesa Global Payments, enabling seamless international transactions thr...
Anthropic, Rwanda’s government, and ALX launched Chidi, an AI mentor built on Claude. It wi...
Kossi Ténou succeeds Badanam Patoki as president of the AMF-UMOA. Ténou brings over 20 years of e...
JA Africa launches $1.5M digital safety program in four African countries Initiative to ...
Francophone Sub-Saharan Africa hosts 860+ startups but faces deep structural weaknesses EY urges...
West African universities met in Dakar to address youth employment Delegates drafted a 10-15 year plan aligning training with jobs Only 16% of...
Morocco signed an agreement to build the National School of Advanced Technologies (NSAT) in Dakhla with an investment of 100 million MAD (USD 10.8...
Human capital includes knowledge, skills, and health built over life. Lifelong learning and adaptability are key to economic...
Operators accepted to lower Internet tariffs starting this week after government pressure and threat of sanctions. Government signals openness to a...
Niokolo-Koba National Park, designated both a Biosphere Reserve and a UNESCO World Heritage Site, is one of the ecological treasures of Senegal and all of...
Hidden deep within the Arabuko-Sokoke Forest on Kenya’s coast near Malindi, the ancient city of Gedi stands as one of East Africa’s most intriguing...