Browsing: SME Lending in Africa

• BRICS’ owned New Development Bank (NDB) was set up in 2015 by Brazil, Russia, India, China, and South Africa.
• The multilateral lender is planning to disburse about $5 billion in loans this year.
• The bank has an initial verified capital of $100 billion and a subscribed capital of $50 billion.

Emerging economies could give the superpowers a run in the lending sector with the the BRICS alliance planning to disburse about $5 billion in loans this year. This was announced by the bloc’s New Development Bank (NDB) Vice President Zhou Qiangwu on Tuesday, March 26.

As China, one of Africa’s closest trade …

• Union Bank of Nigeria Plc has received a $30 million loan facility from the International Finance Corporation (IFC) to help the bank expand lending. 
• The facility will allow Union Bank to increase trade financing and working capital lending to Nigerian businesses.
• The loan facility to Union Bank is being made through IFC’s COVID-19 Emergency Response Working Capital Solutions Envelope, which was launched in 2020. 

Union Bank of Nigeria Plc has received a $30 million loan facility from the International Finance Corporation (IFC) to help the bank expand lending to hundreds of businesses operating in critical sectors in the country that  include food, healthcare, manufacturing, and services.

The facility will allow Union Bank to increase trade financing and working capital lending to Nigerian businesses, including those whose cashflows have been strained by recent disruptions in global and local markets.

“As a bank, we are deeply committed to enabling success for …