(3 minutes read)
· The International Finance Corporation (IFC), a member of the World Bank Group announced an investment to the tune of US $100 million in Zenith Bank Plc to ramp up support to clients and firms whose cash flows had been disrupted by challenges induced by the coronavirus outbreak
· Zenith Bank will use the funds to support businesses in the country’s food, trading, health and pharmaceutical sectors, enabling them to firm up operations, maintain employment and access critical import of goods, raw materials and commodities during the current austerity
The International Finance Corporation (IFC), a member of the World Bank Group announced an investment to the tune of US $100 million in
Zenith Bank Plc to ramp up support to clients and firms whose cash flows had been disrupted by challenges induced by the coronavirus outbreak.
IFC’s loan will enable Zenith Bank, an existing IFC client and Africa’s sixth biggest bank, tackle the challenges from limited access to foreign currency, working capital and trading funding. Zenith Bank will use the funds to support businesses in the country’s food, trading, health and pharmaceutical sectors, enabling them to firm up operations, maintain employment and access critical import of goods, raw materials and commodities during the current austerity.
IFC’s support is essential and will help in responding to challenges resulting from the COVID-19 pandemic and export initiatives and trade financing for critical goods and materials, especially for the medical and pharmaceutical sectors.
