Nigerian FEC gives node to $1.3bn loan for Development Bank of Nigeria
Baring any delay by the National Assembly, Nigeria would join other countries with special bank to carter for the needs of small scale businesses as the Federal Executive Council (FEC) has given approval for $1.3 billion loans from international creditors.
The bank, which is the hope of startups and other business run by the youth in Nigeria will have only 1% interest rate ion loan extended to beneficiaries.
Mrs. Kemi Adeosun, Minster of told reporter on Wednesday , after the FEC meeting president over by President Buhari, the only delay that could be on the way of the bank coming on stream before the end of second quarter will be the National Assembly.
The bank was newly licensed as Development Bank of Nigeria (DBN), by the CBN .
She explained the money is made up of $500 million from the World Bank, $450 million ; $200 million from the African Development Bank(AfDB) and $130 million from German state bank, ,KfW, and France’s state development agency.