Nigeria: IFC announces investment of up to 100 million dollars in Zenith Bank

International Finance Corporation (IFC), a member of the World Bank Group has announced an investment of up to 100 million dollars in Nigeria's Zenith Bank Plc to help it increase support to clients and companies whose cash flows have been disrupted by challenges caused by the COVID-19 pandemic, according to a news report by nairametrics.com.

IFC will invest up to $100m in #Nigeria's @ZenithBank, its 1st investment in #Africa through its #COVID19 support package. The funds will help Zenith support clients in the health, transport, and other sectors, protecting jobs and economic activity.👉https://t.co/UYmI82Q9Jm pic.twitter.com/wni7fbHmxX

— IFC Africa (@IFCAfrica) June 17, 2020

IFC's loan to Zenith Bank is its first investment in Africa through its COVID-19 fast-track financing support package. The funding will help Zenith, an existing IFC client and Africa's sixth-largest bank, to overcome challenges resulting from ongoing limited access to foreign currency, working capital, and trade funding.

Zenith will support dozens of businesses in Nigeria's health, pharmaceuticals, food, and trading sectors, allowing them to strengthen operations, maintain employment, and access critical imports of goods, commodities, and raw materials during these challenging economic times.

Zenith Bank has more than 400 branches in Nigeria and serves over 9 million corporate and individual clients within its global footprint. IFC's overall portfolio in Nigeria stands at 1.3 billion dollars, in sectors including manufacturing, financial services, infrastructure, and technology.