We agreed a $75 million long-term debt commitment to Stanbic IBTC, to enable it to continue lending to businesses in critical sub-sectors of the Nigerian economy. These include those that are important for domestic consumption and exports including food, manufacturing, telecommunications and construction.
The sub-sectors targeted by the facility all employ large numbers of local staff and support substantial SME supply chains. This funding will ensure businesses in critical sectors are able to access capital to protect their operations and employees amid the ongoing economic uncertainty.
The strategically important manufacturing, food and agriculture sub-sectors, which make up more than a third of Stanbic IBTC’s current portfolio and pipeline, will particularly benefit from this investment.
Our debt commitment will also give Stanbic IBTC access to long-term dollar funding, which is difficult to raise in the commercial market even under normal conditions. Long-term dollar funding will enable Stanbic IBTC to lend to exporting and other dollar earning businesses in Nigeria, thus supporting key growth sectors of the economy.
Environmental and social aspects
We are working with the bank to implement its environmental and social (E&S) management locally, E&S risk procedures across its entire portfolio, and its internal E&S capacity building programme.
Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.
- Africa, West Africa
We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people.
- Financial services
- Investment type
We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).
- Direct Debt
- Start date
For direct investments, this is the date CDC committed capital to the business or project.
For funds, this is the date that CDC committed capital to the fund.
For underlying fund investments, this is the date that the fund invested capital into the business.e
- September 2020
For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).
For funds, this is the total amount that CDC has committed to the fund.
This is the investee company’s place of incorporation; or a fund’s jurisdiction.