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Lagos, Nigeria. March 17, 2015
– IFC a member of the World Bank Group, today announced a $175 million loan financing package to Guaranty Trust Bank Plc, to support its expansion program across all sectors of the Bank’s operations. GT Bank, one of Africa’s leading full service commercial banks, will use the funds to expand its lending to sectors that drive economic growth and job creation in Nigeria.
The financing comprises $100 million for IFC’s own account and $75 million through the IFC Managed Co-Lending Portfolio Program, a new syndications platform that offers institutional investors the ability to passively participate in IFC’s future senior loan portfolio.
“Guaranty Trust Bank plc is strengthening its position as a market leader, by deepening access to growth capital and boosting lending to critical sectors that are generators of growth” said, Segun Agbaje, Managing Director/Chief Executive Officer, GT Bank. “IFC, our long-standing partner, is demonstrating its support through direct investments and through syndications to enable us achieve our goals and grow the Nigerian economy.”
Eme Essien Lore, IFC Country Manager for Nigeria said, “IFC’s strategy for Nigeria encourages financial intermediaries to support the growth of sectors that increase real output. By expanding IFC’s partnership, GT Bank can make medium and long-term funding available to key sectors of the Nigerian economy, and contribute to higher overall growth.”
GT Bank is a leading full service commercial bank in Nigeria with a network of 233 branches (including Cash Centers), 18 e-branches, 23 GTExpress locations and 1,097 ATMs across Nigeria and offering a wide range of banking and financial services. The Bank has nine subsidiaries and presence in eight African countries and in the United Kingdom.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit
www.ifc.org
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