PROJECT

Projects

Summary of Proposed Investment

Project Number

24342

Company Name

STANBIC IBTC BANK PLC

Date SPI Disclosed

Nov 7, 2005

Country

Nigeria

Industry

Financial Markets

Projected Board Date

Dec 8, 2005

Status

Completed

Sector

Commercial Banking - General

Department

Global Industry, Financial Markets

Environmental Category

FI

Previous Events

Approved : Dec 15, 2005
Signed : Feb 27, 2006
Invested : Aug 28, 2006

Project Description

The project consists of a line of credit of up to $30 million to Investment Banking & Trust Company Plc (IBTC or the Bank), one of the largest new generation banks in Nigeria. The project''s main objective is to address the scarcity of term finance in Nigeria, which has forced Nigerian commercial banks to rely on their capital, or take the maturity risk in order to finance longer-term projects. The proposed investment allows IFC to address part of these constraints by making available foreign exchange term resources through an efficient financial institution.

Sponsor / Cost / Location

Development Impact