Stanbic IBTC Bank said it has received a $100 million Line of Credit (LOC) from the African Development Bank (AfDB) for on-lending to small and medium scale enterprises (SMEs) operating in various sectors in the Nigerian economy.
Part of the fund would also be applied to the financing of renewable energy and energy efficiency projects in Nigeria, in line with the requirements of the Clean Technology Fund (CTF).
According to a statement from the bank, of the total amount, $75 million would be utilised in funding SME projects in the country while $25 million will be used for the funding of renewable energy and energy efficiency projects.
Stanbic IBTC Bank is the first Nigerian bank to receive CTF’s approval, it stated.