RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Business

Bank of Industry Procures €1 Billion Loan to Support MSMEs

Rate Captain by Rate Captain
August 16, 2022
in Business
Reading Time: 2 mins read
A A
0
Bank of Industry Procures €1 Billion Loan to Support MSMEs
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Bank of Industry, Nigeria’s leading development financial institution has successfully raised a €1 billion syndicated loan facility to provide the much-needed medium to long-term finance to Nigerian MSMEs and Large Enterprises.

This loan facility, organized by Africa Finance Corp., Standard Chartered Bank, and other lead arrangers, will strengthen BoI’s capacity to achieve its institutional mandate, according to the Nigerian lender.

AlsoRead

US Deputy Treasury Secretary Highlights Strong Bilateral Investment Opportunities with Nigeria

Lionel Messi’s $10.8 Mansion Purchase Boosts South Florida’s Real Estate Market

ICAO Scores Nigeria 70% in Aviation Safety Audit, Calls for Further Improvements

The Managing Director of the bank, Mr. Kayode Pitan, commented on the bank’s ability to access funds in the international market, stating that the conclusion of this transaction will bring the total funds raised by the institution to an excess of $5 Billion, from 2018 to date. He said:

“At a time when international capital markets are shut to many borrowers, and when capital is prohibitively expensive, through this innovative transaction structure and the AFC Guarantee, BOI was not only able to raise liquidity but also able to diversify its funding sources and attract new lenders.”

.

What BoI is Saying

“A syndicate of financial institutions arranged by the IMLAs has indicated strong interest in participating in the general phase of the ongoing syndication, and BOI has an option to increase the facility size up to EURO 1.5 billion after the general syndication.”

“The deal is unique and the first of its kind by any financial institution in Nigeria both in terms of its size and structure.”

“The transaction structure leverages the strong investment grade credit rating of AFC (rated A3 with a Stable Outlook by Moody’s) to wrap and credit-enhance BoI thereby benefiting from favorable terms that would otherwise not be available, especially in these highly volatile markets.”

“The pricing, at 3 months Euribor (floored at zero) + 1.65% per annum, is a result of this innovative structuring.”

 

What you need to know

The Bank of Industry has disbursed over N1.2 Trillion to 4,205,920 MSMEs, thereby creating over 9,048,444 million estimated direct and indirect jobs between 2015 and 2021, with the support of its various stakeholders.

The Governor of the Central Bank of Nigeria and the CBN Committee of Governors supported BoI by providing a full guarantee to facilitate the AFC guarantee and a 100% currency swap to mitigate the foreign exchange rate risk.

Previous Post

Naira Falls to N430/$1 at the I&E Window Despite a 190% Surge in Forex Supply 

Next Post

Kenya’s Crypto Community Hopes New President-Elect Will Be Better Than Predecessor.

Related News

US Deputy Treasury Secretary Highlights Strong Bilateral Investment Opportunities with Nigeria

US Deputy Treasury Secretary Highlights Strong Bilateral Investment Opportunities with Nigeria

by Stephen Akudike
September 19, 2023
0

Wally Adeyemo, the Nigerian-born Deputy Treasury Secretary of the United States, expressed a commitment to enhancing investment ties between the...

Lionel Messi’s $10.8 Mansion Purchase Boosts South Florida’s Real Estate Market

Lionel Messi’s $10.8 Mansion Purchase Boosts South Florida’s Real Estate Market

by Rate Captain
September 13, 2023
0

Lionel Messi, the renowned Argentine football sensation with a staggering net worth of $130 million, has made headlines with his...

ICAO Scores Nigeria 70% in Aviation Safety Audit, Calls for Further Improvements

ICAO Scores Nigeria 70% in Aviation Safety Audit, Calls for Further Improvements

by Victoria Attah
September 12, 2023
0

After a 12-day assessment of Nigeria's aviation sector, the International Civil Aviation Organization (ICAO) has released its initial report on...

 Global Rice Prices Reach 15-Year High Amid India’s Export Ban

 Global Rice Prices Reach 15-Year High Amid India’s Export Ban

by Rate Captain
September 8, 2023
0

Global rice prices soared to a 15-year high in August, primarily due to India's restrictions on overseas rice exports, according...

Next Post
Kenya’s Crypto Community Hopes New President-Elect Will Be Better Than Predecessor.

Kenya's Crypto Community Hopes New President-Elect Will Be Better Than Predecessor.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Bank of Japan Maintains Ultra-Loose Monetary Policy Amid High Uncertainty

Bank of Japan Maintains Ultra-Loose Monetary Policy Amid High Uncertainty

September 22, 2023
NGX Appoints an Advisory Panel on Digital Technology Products.

NGX Reports 98% Surge in Trade Volume as Investors Lose N35 Billion

September 22, 2023

Popular Story

  • Bank of Japan Maintains Ultra-Loose Monetary Policy Amid High Uncertainty

    Bank of Japan Maintains Ultra-Loose Monetary Policy Amid High Uncertainty

    0 shares
    Share 0 Tweet 0
  • Nigerian Naira Hits Record Low at 980/$: BDC Operators Condemns Situation

    0 shares
    Share 0 Tweet 0
  • NNPC Increase Pump price to N617 Per Litre Amidst Economic Hardship

    0 shares
    Share 0 Tweet 0
  • The Fate of Bureau De Change Companies in Nigeria Following Exchange Rate Unification.

    0 shares
    Share 0 Tweet 0
  • Access Bank Invites Applications for 2023 Entry Level Trainee Program in Technology

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
?>