The International Finance Corporation, an arm of the World Bank, has so far given a total of $1bn in loans to Nigerian companies in the financial and real sectors.

Disclosing this on Wednesday in Lagos, IFC’s Country Manager, Nigeria, Mr. Solomon Adegbie-Quaynor, said 70 per cent of the money was given to firms in the financial sector while the rest went to the real sector.

Quaynor, who was speaking at the signing of an agreement with Diamond Bank for a $70m loan, said the facility was given to the bank because of IFC’s confidence in its management.

According to him, the loan given to Diamond Bank is a long-term debt convertible to equity.

Meanwhile, IFC, on its website, said it invested $12.2bn in 518 projects in 2011, of which $4.9bn went to the poorest countries eligible to borrow from the World Bank’s International Development Association.

“We also mobilised an additional $6.5bn to support the private sector in developing countries,” it added.

The agency said it was still developing new financial products that would enable companies to manage risk and broaden their access to foreign and domestic capital markets.

“Our broad suite of investment services can ease poverty and spur long-term growth by promoting sustainable enterprises, encouraging entrepreneurship, and mobilising resources that wouldn’t otherwise be available,” it added.

Source: Punch/Martin Ayankola