The European Investment Bank has finalised a $20 million equity stake in a new Nigerian-backed development bank set up to boost lending to small businesses and agriculture.
The African Development Bank (AfDB) will also invest $50 million in the Development Bank of Nigeria, the two development lenders said in a statement.
The new Nigerian bank – modelled on Germany’s KfW – will lend to local commercial banks and micro-finance institutions that will in turn make loans to small firms, helping to boost economic growth and jobs. Reuters
