New Telegraph 
To increase access to sustainable finance in Nigeria, Canada’s Development Finance Institution, FinDev Canada, has provided a loan of up to $40 million to Stanbic IBTC.
According to a press release, the loan to Stanbic IBTC, a member of Standard Bank Group, Africa’s largest bank by assets, paves the way to a long-term partnership in the Sub-Saharan African region.
The statement said: “FinDev Canada’s loan will support Stanbic IBTC Bank’s sustainability-related activities in Nigeria and support the development of productive sectors of the economy, including agribusiness, health, education, affordable housing, and sustainable infrastructure.
It will also increase access to finance for micro, small and mediumsize enterprises, and financing for climate change mitigation and adaptation. At least 30 per cent of the loan amount is dedicated to women-owned or led enterprises.”
Nigeria’s economy heavily relies on micro, small and medium enterprises, which generate an estimated 84 per cent of employment and account for 96 per cent of businesses. While women own 41 per cent of the micro-enterprises segment, many remain unbanked due to a persistent gender fi nancing gap. –
“We are proud to support development and economic growth through the private sector” declared Lori Kerr, Chief Executive Officer at FinDev Canada.
“Market development is a key priority for FinDev Canada and the partnership with Stanbic IBTC Bank offers a tremendous opportunity to enhance access to capital for important sectors of Nigeria’s economy, contributing to stronger markets and improving the livelihoods of women and men.
Our partnership with Stanbic IBTC Bank is also an opportunity to continue to expand our impact in sub-Saharan Africa in the years to come.”
“As we embark on this transformative journey, I am honored to acknowledge the strategic importance of the financing we have secured to champion sustainable and gender-inclusive financing,” said Wole Adeniyi, Chief Executive, Stanbic IBTC Bank.
