International Finance Corporation, IFC, a member of the World Bank Group, has declared an investment of up to $100 million in Zenith Bank Plc as part of its $8 billion global fast-track financing package, which was announced in March as a channel to support business activity, clients and companies whose cash flows have been disrupted by challenges caused by the COVID-19 pandemic.
This IFC’s funding to Zenith Bank, an existing IFC client and Africa’s sixth-largest bank, is its first investment in Africa through its COVID-19 global fast-track financing support package.
Hopefully, with the funding, Zenith will support multiple businesses in different Nigeria’s sectors especially medical and pharmaceutical sectors, during this COVID-19 period, helping them to maintain operations and employment.
Ebenezer Onyeagwu, Group Managing Director/CEO, Zenith Bank, said, “IFC’s support is essential and will help us respond to challenges resulting from the COVID-19 pandemic. It will allow us to support compelling export initiatives and trade financing for critical goods and materials, especially for the medical and pharmaceuticals sectors. Our partnership with IFC is strong and we are committed to its environmental, social, and governance (ESG) requirements.”
Eme Essien Lore, IFC Country Manager in Nigeria, said, “IFC’s support for Nigeria’s banking sector will help keep the wheels of Nigeria’s economy turning at a time when it is facing a major challenge from the COVID-19 pandemic. Our experience from past shocks, including the global financial crisis in 2008, has taught us that keeping companies solvent is key to saving jobs and limiting economic damage.”
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