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GTBank gets N34bn IFC loan for onward lending to critical sectors

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By Franklin Alli

bankGuaranty Trust Bank Plc has secured a $175 million (about N34 billion) loan from the IFC to expand its lending to sectors that drive economic growth and job creation in Nigeria. This is even as the bank’s Training Academy for pre-entry level staff has been accredited by the Governing Council of the Chartered Institute of Bankers of Nigeria (CIBN).

In a statement, Eme Essien Lore, IFC Country Manager for Nigeria said, “The financing comprises $100 million for IFC’s own account and $75 million through the IFC Managed Co-Lending Portfolio Programme, a new syndications platform that offers institutional investors the ability to passively participate in IFC’s future senior loan portfolio.

“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.”Segun Agbaje, Managing Director/Chief Executive Officer, GT Bank, noted that the facility will help the bank to strengthening its position as a market leader, by deepening access to growth capital and boosting lending to critical sectors that are generators of growth.

“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,” he added.He explained that the 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. He also stated that the bank has nine subsidiaries and presence in eight African countries and in the United Kingdom.

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