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Africa


AfDB approves US $500 million for Development Bank of Nigeria to support MSMEs

On Monday, December 15, 2014, the Board of Directors of the African Development Bank (AfDB) Group unanimously approved a financial package of US $500 million to support the establishment of the Development Bank of Nigeria PLC (DBN). The financial package consists of loans of US $450 million and an equity investment in the DBN of US $50 million. The funds from the AfDB Group will be used to support micro, small and medium-sized enterprises (MSMEs) operating in various sectors of the Nigerian economy.


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