The International Finance Corporation, the private sector arm of the World Bank Group, has signed an agreement to provide a seven-year loan of up to US$30mn to Diamond Bank, one of Nigeria’s leading banks.
This second loan raises IFC’s total investment in Diamond Bank to US$50mn. The bank will use it to increase its medium to long-term funding for local private investment clients.
Jyrki Koskelo, IFC’s director for global financial markets, says: “IFC’s second loan to Diamond Bank is a signal of our confidence in this firm and in Nigeria’s financial sector. Diamond Bank has played an important role in expanding banking services in Nigeria, and we are confident it can continue this role going forward.”