Bank Approves $300m Loan For Dangote Fertilizer, Refinery

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The African Development
Bank (AFDB) has said that it has recently approved a corporate loan of 300 million dollars (N49.2 billion) for Dangote Industries Limited to support the development of its oil refinery and fertilizer plan.
The  AFDB country director in Nigeria, Dr Dusmane Dore, who made this known to newsmen in Abuja recently said this inline with the banks effort in partnering Nigeria Industrialist for Industrial development.
According to Dore, the bank is also considering supporting AB and micro banks in their expansionary drive, with a view to improving access to credit by ordinary Nigerians.
The country director said that the bank was also supporting the private sector in the area of corporate loans and support to Micro, Small and Medium Enterprises (MSMEs) to promote inclusive finance for development.
He said that the bank will also invest 500 million dollars (N82 billion) which would be a combination of debt and equity, adding that the organisaiton along with other development partners, have been working with government in insuring business development.
“We have agreed with the government that the establishment of a development bank in Nigeria is clearly major initiative that can address the major problems of financing the real economy.
“The bank will invest 500 million dollars (N82 billion) which would be a combination of debt and equality, and today, we, along with other development partners, have been clearing working with the government in the establishment of such a bank”, he said.
It would be recalled that the AFDB is partnering Nigeria to establish the Development Bank of Nigeria (DBN), which will be a wholesale development finance institution.