To increase access to sustainable finance in Nigeria, FinDev Canada provided a loan of up to $40 million to Stanbic IBTC.
This loan to Stanbic IBTC, a member of Standard Bank Group, paves the way to a long-term partnership in the Sub-Saharan African region.
FinDev Canada’s loan will support Stanbic IBTC Bank’s sustainability-related activities in Nigeria and support the development of productive sectors of the economy, including agribusiness, health, education, affordable housing, and sustainable infrastructure. It will also increase access to finance for micro, small and medium-size enterprises, and financing for climate change mitigation and adaptation. At least 30 per cent of the loan amount is dedicated to women-owned or led enterprises.
Nigeria’s economy heavily relies on micro, small and medium enterprises, which generate an estimated 84 per cent of employment and account for 96 per cent of businesses. While women own 41 per cent of the micro-enterprises segment, many remain unbanked due to a persistent gender financing gap.
The chief executive officer at FinDev Canada, Lori Kerr said, ‘we are proud to support development and economic growth through the private sector.’
Kerr added that, “market development is a key priority for FinDev Canada and the partnership with Stanbic IBTC Bank offers a tremendous opportunity to enhance access to capital for important sectors of Nigeria’s economy, contributing to stronger markets and improving the livelihoods of women and men.
‘Our partnership with Stanbic IBTC Bank is also an opportunity to continue to expand our impact in Sub-Saharan Africa in the years to come.’
The chief executive, Stanbic IBTC Bank, Wole Adeniyi said, “as we embark on this transformative journey, I am honoured to acknowledge the strategic importance of the financing we have secured to champion sustainable and gender-inclusive financing.”
He said, “this financial commitment not only fuels our vision for a more sustainable future but also underscores our unwavering dedication to fostering equal opportunities.
“Empowering women and advancing sustainable initiatives is not just a financial decision, it is a commitment to building a world where prosperity knows no gender, and where every investment is a step towards a brighter, more sustainable future. Together, with this significant partnership with FinDev Canada, we pave the way for a future where financial strength and social impact walk hand-in-hand.”
This transaction will contribute to FinDev Canada’s long-term development impact goals and the Sustainable Development Goals (SDGs) particularly SDG 8, Decent Work and Economic Growth, SDG 5, Gender Equality, and SDG 13, Climate Action.
FinDev Canada is Canada’s bilateral Development Finance Institution (DFI), supporting development through the private sector.
