PROJECT

Projects

Summary of Investment Information

Project Number

45629

Company Name

CORONATION MERCHANT BANK LIMITED

Date SPI Disclosed

May 28, 2021

Country

Nigeria

Region

Africa

Projected Board Date

Jun 28, 2021

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

May 8, 2024

Department

Regional Industry - FIG Africa

Industry

Financial Markets

Previous Events

Approved : Jun 24, 2021
Signed : Jun 30, 2021
Invested : Dec 22, 2021

Sector

Commercial Banking - Trade and Supply Chain

Additional Project Attributes

Blended Finance

Project Description

The proposed investment consists of a working capital facility of up to US$20 million to Coronation Merchant Bank Limited (the “Bank” or “Coronation MB”) under an IFC dedicated COVID-19 Emergency Response WCS Envelope (the WCS Facility). The WCS Facility 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.

Associated Advisory Engagement

 None

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation