Nigeria cabinet approves $1.3 billion loan for Development Bank of Nigeria – finance minister

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ABUJA (Reuters) – Nigeria’s cabinet has approved $1.3 billion of loans from international lenders to fund the newly licensed Development Bank of Nigeria, the finance minister said on Wednesday.

The money is made up of $500 million from the World Bank, $450 million from the African Development Bank, $200 million from German state bank KfW and $130 million from France’s state development agency, said Kemi Adeosun, Nigeria’s finance minister.

The loan facility is still subject to approval by the National Assembly, she said.


(Reporting by Felix Onuah; Writing by Paul Carsten; Editing by Larry King)


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