The Bank of Industry has secured a $750m facility from 17 financial institutions to fund the Micro, Small and Medium Enterprises sector of the economy.
The syndicated facility would be given by 17 banks to the BoI to catalyse its funding of MSMEs in Nigeria.
Some of the banks that would provide the fund are Africa Export-Import Bank, the ECOWAS Bank for Investment and Development, and British Arab Commercial Bank Plc, among others.
President Muhammadu Buhari is expected to witness the formal signing of the agreement on Saturday for the disbursement of the facility to BoI.
Speaking at an event at the sidelines of the African Export-Import Bank Annual Meeting in Abuja, the Chairman of the Board, BoI, Aliyu Dikko described the facility as a game changer for the bank particularly as it relates to the financing of entrepreneurs in the country.
He described the facility as timely as it would assist the bank effectively play its developmental role in the economy.
He said, “This event is historical because this is the biggest relationship we have ever had with AFREXIM Bank and it’s a major milestone towards achieving our mission and vision.
“This day is one of the most successful days in the history of our bank. Our bank has the capacity to impact on MSME and this facility will go a long way to assisting us in achieving our objective. We commend the group of 17 banks for participating in the syndication and we will use the fund for what it is meant to be used for.”
The Managing Director, BoI, Mr. Olukayode Pitan while also speaking at the event said the bank has the capacity to effectively utilise the fund for the development of the economy.
“Initially the deal, in the beginning, looks impossible and we are glad that we were able to close it,” he added.
Source: Punch
