AFD Secures $60 Million Loans to Boost Nigerian Businesses
Agence Française de Développement (AFD) Group signed two loan agreements worth a total of $60 million with the Bank of Industry (BOI) and Sterling Bank to finance businesses in Nigeria's creative, agricultural, and renewable energy sectors. The agreements include a $30 million facility to BOI for businesses in the cultural and creative industries, such as Nollywood and Afrobeats, and another $30 million loan from Proparco, AFD Group's private sector subsidiary, to Sterling Bank.
These deals were finalized during a visit to Lagos by AFD Group CEO Christophe Lecourtier, aiming to enhance economic cooperation between France and Nigeria. AFD has committed approximately €2.5 billion to over 50 ongoing projects in Nigeria.
The loan to BOI is expected to improve access to financing for businesses in the cultural sector and foster partnerships between Nigerian and French enterprises. Lecourtier also discussed further investment opportunities in various sectors with Nigerian officials.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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