• Thursday, June 13, 2024
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BusinessDay

Germans KfW Development Bank injects €25m into Nigeria’s economy

Diaspora Nigerians to float N100bn venture capital fund, SME bank

To resuscitate Nigeria’s ailing economy, KFW Development Bank, Germany’s third largest bank has injected €25 million into the Nigerian economy for the growth and development of micro, small and medium enterprises (MSMEs) and the renewable energy sector through the Development Bank of Nigeria (DBN).

Commenting on the development, at DBN office Lagos, as seen in a statement, Tony Okpanachi, managing director/CEO of DBN, said that KFW has always been supportive of Nigeria’s economy in various sectors, this time, they’re keen to see that MSMEs and the energy sector in the country bounce back.

His words: “Today we just signed an agreement for the credit line of €25m provided by KFW to the Development Bank of Nigeria to finance renewable energy and MSMEs. We are wholesale DFI poised to provide access to credit to micro, small, and medium enterprises through wholesale lending to financial institutions and other microfinance banks.

“We provide them with wholesale funds to onward lending to micro small and medium enterprises. As a core part of our mandate, we provide of course we partial credit guarantee, all our efforts are geared towards the development and sustainable growth of our economy”

He added that DBN already has 65 financial institutions in line with green and renewable energy and businesses in micro, small and medium enterprises, that relates directly with the small businesses to support them.