A CNY800 million term loan agreement has been secured by Stanbic IBTC Bank Limited from China Development Bank to provide enhanced financing solutions to Nigerian corporates and institutions engaged in Africa-China trade and investment flows.
A statement from the Nigerian lender disclosed that the partnership between the two organisations is expected to play a vital role in supporting Nigerian businesses, facilitating trade transactions, and encouraging foreign direct investment.
It also represents a significant step in Stanbic IBTC’s broader Africa-China strategy, which seeks to position the bank as the partner of choice for businesses seeking to participate in the growing economic corridor between Africa and China.
Also, the three-year loan, executed under the strategic collaboration framework between Standard Bank Group (SBG) and CDB, marks a significant milestone in deepening financial cooperation between Africa and China, underscoring Stanbic IBTC Bank’s direct access to Chinese Renminbi (CNY) liquidity from the Chinese market.
“We are delighted to announce this landmark agreement with China Development Bank, which reflects the strength of our strategic partnership and our collective commitment to Africa’s economic development.
“This facility provides us with direct access to much-needed Renminbi liquidity, enabling us to better serve our clients involved in Africa-China trade and investment.
“It is a significant step in advancing our Africa-China strategy, which is focused on unlocking growth opportunities, promoting cross-border trade, and driving sustainable development for Nigerian businesses,” the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, stated.