Zenith Bank and Agence Francaise de Development Sign $100Million Power Sector Credit Facility

Related stories

Kenya Plans to Launch Crude Oil Exports in 2026

Kenya hopes it will begin commercial crude oil production...

Maryam Abacha Drops Jabs At Gen Abdulsalami, Says Billions Stolen After Abacha’s Death

By Abiola Olawale Maryam Sani Abacha, widow of late Nigerian...

Tinubu: Presidency Replies Peter Obi, Says He Is Blind To Realities

By Abiola Olawale The Presidency has accused Peter Obi, the...

How Boko Haram Attacked Ex-COAS Buratai’s Convoy, Escapes Death In Borno — Reveals Ndume

By Kolawole Ojebisi The lawmaker representing Borno South in the...

Gambaryan Quits Binance After Brush With Nigerian Government

By Kolawole Ojebisi Months after regaining his freedom from the...

Zenith Bank Plc, a foremost financial institution in Nigeria and French Development Agency (Agence Francaise de Development (AFD), operator of France’s bilateral development finance mechanism, have signed a US$100 Million power sector credit facility. The on-lending term loan being made available to Zenith Bank is to support new investments in the CAPEX (capital expenditure) of Distribution Companies (DISCOs) in the power sector in Nigeria.

The facility signing held on the occasion of the visit to Nigeria of the French President, it was witnessed by Presidents Muhammadu Buhari and Francois Hollande at the Aso Rock Villa, Abuja, during a bilateral session.

Chairman of Zenith Bank Plc, Mr. Jim Ovia led the Bank’s top executives while Mrs. Laurence Breton-Moyet, Chief Operating Officer and Member of the Executive Board from the AFD Headquarters, Paris, was the lead for the AFD team at the occasion.

Under the loan arrangement, a maximum of US$50 million can be on-lent to any single borrower at single digit interest rate for a tenor of between seven and 12 years, with a moratorium of two to three-and-a-half years—depending on project’s cash flow.

Essentially, the AFD facility is aimed at reinforcing, rehabilitating and modernizing the existing distribution networks, which is a prerequisite for the connection of new customers while ensuring the stability of the grid. The loan arrangement also provides for technical assistance and other advisory services, both to the benefiting DISCO and the partnering bank.

Zenith Bank Plc, the largest bank in Nigeria by Tier-one capital, has remained a leading financier of investments aimed at developing the power/energy sector in the country. The bank is also a key player in many other sectors, including oil and gas, agriculture, manufacturing, communication, transportation, real estate and construction, etc. In the financial year ended December 31, 2015, Zenith Bank reported a profit after tax (PAT) of N105.66 billion—the highest in the Nigeria banking industry for the year—with total assets standing at over Four Trillion Naira.

AFD, operator for France’s bilateral development finance mechanism, is a public industrial and commercial institution with the status of specialized financial institution. Its action is in line with the policy set out in France’s Framework Document for Development Cooperation. It works to combat poverty and promote sustainable development by financing and supporting projects that improve living conditions for populations, promote economic growth and protect the planet. In 2014, AFD allocated EUR 8.1Billion to finance projects, including EUR 6.35Billion in developing countries and EUR 1.55bn for overseas France.

Culled From Zenith Bank Facebook Page
Culled From Zenith Bank Facebook Page
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
Kenya Plans to Launch Crude Oil Exports in 2026Maryam Abacha Drops Jabs At Gen Abdulsalami, Says Billions Stolen After Abacha’s DeathTinubu: Presidency Replies Peter Obi, Says He Is Blind To RealitiesHow Boko Haram Attacked Ex-COAS Buratai's Convoy, Escapes Death In Borno --- Reveals NdumeGambaryan Quits Binance After Brush With Nigerian GovernmentDrama as Tinubu’s Aide, Aliyu Audu ResignsNigerians Have Behaved Badly For 'A Very Long Time', LP's Alex Otti Backs Tinubu's Fuel Subsidy RemovalOne Third Of Dangote Refinery Crude From US as Scarce Local Supplies Stall Refinery's Capacity, Says BloombergTinubu Running Govt. of 'Propaganda And Lies', Says Peter Obi2027: Ijaw Group Threatens To Prevent Election In Warri If...Sanwo-olu Breaks Silence On Alleged Rift With Tinubu, Calls President 'Father And Leader'Tinubu Tells Sanwo-Olu At Lagos Peace Meeting: "All is Forgiven"Pope Leo XIV Urges Faithful to Open Borders, Break Down Barriers, Embrace LoveJune 12: Tinubu To Address Senate, Reps Joint Session On Democracy DayNUT Speaks On Why FG's Planned Computer-based Examinations Won't Curb Malpractices
X whatsapp