By Peter OBIORA Investadvocate

Lagos (INVESTADVOCATE)-International Finance Corporation (IFC) has lent $175 million to Guaranty Trust Bank (GTBank) to support its expansion program across all sectors of the Bank’s operations, the member of the World Bank Group said on Tuesday.

The IFC said GTBank one of Nigeria’s top tier lenders will use the funds to expand its lending to sectors that drive economic growth and job creation in Nigeria.

The private arm of the World Bank affirmed that the financing comprises $100 million for IFC’s own account and $75 million through the IFC managed co-lending portfolio program, a new syndications platform that offers institutional investors the ability to passively participate in IFC’s future seniour loan portfolio.

“Guaranty Trust Bank Plc is strengthening its position as a market leader, by deepening access to growth capital and boosting lending to critical sectors that are generators of growth” Segun Agbaje, managing director/chief executive officer, of the bank said.

According to Agbaje, the IFC, the lenders long-standing partner, is demonstrating its support through direct investments and through syndications to enable GTBank achieve its goals and grow the Nigerian economy.

Eme Essien Lore, IFC country manager for Nigeria said, IFC’s strategy for Nigeria encourages financial intermediaries to support the growth of sectors that increase real output.

Lore added by expanding IFC’s partnership, GTBank can make medium and long-term funding available to key sectors of the Nigerian economy, and contribute to higher overall growth.

GTBank is a one of Africa’s top tier lender with a network of 233 branches and has nine (9) subsidiaries and presence in eight (8) African countries and in the United Kingdom (UK).

At the end of trading on the Nigerian bourse, share price of GTBank declined 7.54 percent losing N1.81 as it opened at N24.00 and closed N22.19.