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Nigeria’s Bank of Industry Raises $1 Billion Loan for Companies

Bank of Industry, the biggest development finance institution in Nigeria raised 1 billion euro ($1 billion) syndicated loan from banks to support small, medium and large businesses in Nigeria, according to the lender.

The facility brokered by lead arrangers Africa Finance Corp. and Standard Chartered Bank could be increased to 1.5 billion euros by the banks if needed, the Lagos-based lender said in an emailed statement on Monday. The loan will support companies “with bankable transactions at affordable naira interest rates,” it said.