PROJECT

Projects

Summary of Investment Information

Project Number

43988

Company Name

ZENITH BANK PLC

Date SPI Disclosed

May 13, 2020

Country

Nigeria

Region

Africa

Projected Board Date

Jun 15, 2020

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Mar 29, 2024

Department

Regional Industry - FIG ME & Africa

Industry

Financial Markets

Previous Events

Approved : May 28, 2020
Signed : Jun 5, 2020
Invested : Jul 16, 2020

Sector

Commercial Banking - Trade and Supply Chain

Project Description

The proposed investment consists of a one-year, renewable unsecured senior loan of up to US$100 million to Zenith Bank Plc (“Zenith” or “Bank”) under the FIG COVID-19 Emergency Response Working Capital Solutions Envelope (WCS Envelope). The WCS Envelope is designed to provide funding to existing IFC client banks in emerging markets that will then extend new trade-related or working capital loans to companies whose cash flows have been disrupted by the global outbreak of the coronavirus pandemic. The WCS facility will support the Bank in increasing its lending to FMCG companies importing raw materials, petroleum products, goods and commodities traders, corporates and Small and Medium Enterprises.

Associated Advisory Engagement

  N/A                                               

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation