IFC, a member of the World Bank Group, has announced an investment of up to $100 million in Nigeria’s Zenith Bank Plc to help it increase support to clients and companies whose cash flows have been disrupted by challenges caused by the COVID-19 pandemic.

“IFC’s support is essential and will help us respond to challenges resulting from the COVID-19 pandemic. It will allow us to support compelling export initiatives and trade financing for critical goods and materials, especially for the medical and pharmaceuticals sectors. Our partnership with IFC is strong and we are committed to its environmental, social, and governance (ESG) requirements,” Ebenezer Onyeagwu, the Group Managing Director/CEO of Zenith Bank, said.

Here Is What You Need To Know

• This investment to Zenith Bank Plc is IFC’s l first investment in Africa through its COVID-19 fast-track financing support package. 
• IFC’s loan to Zenith is part of its $8 billion global fast-track financing package, announced in March to support business activity and preserve jobs in the face of COVID-19. Close to 300 clients have requested support globally.
• The funding will help Zenith, an existing IFC client and Africa’s sixth-largest bank, to overcome challenges resulting from ongoing limited access to foreign currency, working capital, and trade funding.

“IFC’s support for Nigeria’s banking sector will help keep the wheels of Nigeria’s economy turning at a time when it is facing a major challenge from COVID-19. Our experience from past shocks, including the global financial crisis in 2008, has taught us that keeping companies solvent is key to saving jobs and limiting economic damage,” Eme Essien Lore, IFC’s Country Manager in Nigeria, said.

• With the new funding, Zenith will support dozens of businesses in Nigeria’s health, pharmaceuticals, food, and trading sectors, allowing them to strengthen operations, maintain employment, and access critical imports of goods, commodities, and raw materials during these challenging economic times.
• Zenith Bank has more than 400 branches in Nigeria and serves over 9 million corporate and individual clients within its global footprint. IFC’s overall portfolio in Nigeria stands at $1.3 billion, in sectors including manufacturing, financial services, infrastructure, and technology.

Interested in procuring loans from Zenith Bank, click here https://www.zenithbank.com/sme-banking/loans/

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.