April 19, 2018 / 3:28 PM / 10 months ago

European Investment Bank, AfDB back new Nigerian lender

ABUJA, April 19 (Reuters) - The European Investment Bank has finalised a $20 million equity stake in a new Nigerian-backed development bank set up to boost lending to small businesses and agriculture.

The African Development Bank (AfDB) will also invest $50 million in the Development Bank of Nigeria, the two development lenders said in a statement.

The new Nigerian bank - modelled on Germany’s KfW - will lend to local commercial banks and micro-finance institutions that will in turn make loans to small firms, helping to boost economic growth and jobs. (Reporting by Camillus Eboh; Writing by Chijioke Ohuocha; Editing by Mark Potter)

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