Summary of Proposed Investment
Project Number
29384
Company Name
FIRST CITY MONUMENT BANK LIMITED.
Date SPI Disclosed
Apr 19, 2010
Country
Nigeria
Industry
Financial Markets
Projected Board Date
May 19, 2010
Status
Completed
Sector
Commercial Banking - General
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : Jul 26, 2010
Signed : Nov 29, 2010
Invested : Oct 24, 2011
Project Description
IFC proposes to provide First City Monument Bank Plc (“FCMB” or the Bank’) with (i) a senior loan of up to $50 million which will be targeted at SMEs in the Health, Education and Agribusiness sectors; and (ii) straight equity or quasi equity of up to US$25 million. The loan component of the Project will have a 7-year maturity and a grace period of 2-years. The Project is expected to provide the Bank with significant long-term financing to help it pursue its strategic objectives within the constraints of the global financial crisis. The Project is also expected to assist FCMB with further enhancements to the Bank’s corporate governance and risk management practices. Further, it is also expected to send positive signals to the market, aiming at improving confidence within the Nigerian financial sector, as well as with international investors.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Mrs. Olayemi Idris-Animashaun
IFC Nigeria Office
121 Louis Solomon Close
Victoria Island, Lagos, Nigeria
Telephone: +234-1-279-9422
For Inquiries and Comments About IFC, Contact
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384E Mail: Webmaster