The AfDB and SONIBANK join forces to support the private sector in Niger
Niger's Bank Corporation SONIBANK signed on Monday (July 8th) in Niamey a financing agreement with the African Development Bank (AfDB) for the granting of a €13 million credit line.Niger's Bank Corporation SONIBANK signed on Monday (July 8th) in Niamey a financing agreement with the African Development Bank (AfDB) for the granting of a €13 million credit line.
The AfDB will make this sum available to SONIBANK in a bid to improve access to long-term funding for the Nigerian private sector.
In an interview with the newspaper Les Afriques, SONIBANK's CEO Haitou Moussa said that the agreement will allow the bank to support and fund important projects in the private sector.
"After several months of negotiations, we have just finished our talks with the authorities of the African Development Bank regarding this important credit agreement designed to provide long term support to the private sector. We are in talks with other international institutions that have expressed great interest in our bank," he said.
Domestic companies should benefit from this partnership as credit to the formal private sector remains low due to a shortfall in funds available on the market given the sector’s requirements, according to African Economic Outlook. Less than five percent of the population currently uses financial products.