The U.S. Export-Import Bank has raised its credit facility to Nigeria's Intercontinental Bank Plc to 100 million U.S dollars from 27 million U.S dollars, the Lagos-based bank said in a statement reaching here during the weekend.
It is learnt that several Nigerian banks have obtained credit facilities from foreign financiers since the conclusion of sector reforms in 2005 that forced 89 mostly weak institutions to fuse into 24 stronger groups.
The U.S. Export-Import Bank said in June it raised its Nigerian bank facility to 1 billion from 405 million U.S dollars due to soaring demand for long-term financing for infrastructure and transport projects in the country.
Intercontinental is among about 14 banks benefiting from the facility, which previously allowed for quick processing of only short and medium-term insurance and guarantee transactions of U.S. imports to Africa's top oil producer.
Jeffery Abramson, Ex-Im Bank vice president for trade and insurance, said the increase was in recognition of Intercontinental active facility utilization and financial performance.
Its credit lines from international financial institutions were in excess of 400 million U.S dollars, including 40 million U.S dollars from the International Finance Corp.
Intercontinental, whose foreign holders include venture capital firm Vectis Capital and South Africa's Rand Merchant Bank, is one of the Nigeria's top five banks by assets.
It reported in June 2008 a 124 percent jump in after tax profit to 34.7 billion naira for the year ended in February on the back of strong asset growth.
The bank, which has about 300 branches in Nigeria and a unit in Ghana, was recently granted a license by Britain's Financial Services Authority to operate as a full-fledged bank offering wholesale banking services in Britain.
Source:Xinhua
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