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Nigeria launches national development bank

Small businesses in Nigeria, Africa’s largest economy, could start to receive critical funding from commercial lenders after five development banks came forward to invest in the country’s new state-backed development bank.

The Development Bank of Nigeria (DBN) has been co-initiated by the World Bank, which provided US$500 million via its International Bank for Reconstruction and Development (IBRD). Other investors include Germany’s KfW, which put up US$200 million, along with US$50 million in equity capital from the African Development Bank, and US$450 million in debt capital from Agence Française de Développement. The new bank is finalising its fifth investment agreement with the European Investment Bank (EIB).

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