By Peter Egwuatu
Stanbic IBTC Bank, has announced the successful signing of a 3-year, CNY800 million term loan agreement with China Development Bank (CDB).
The Bank in a statement, said: “This landmark facility, 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.
“ The facility underscores Stanbic IBTC Bank’s direct access to Chinese Renminbi (CNY) liquidity from the Chinese market, enabling the bank to provide enhanced financing solutions to Nigerian corporates and institutions engaged in Africa-China trade and investment flows. It also reinforces Standard Bank Group’s long-standing, trusted partnership with CDB, anchored on a shared vision for driving sustainable economic growth across the continent”.
Commenting on the agreement, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, said: “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 statement added that : “The collaboration between Stanbic IBTC Bank and China Development Bank 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.”
The post Stanbic IBTC secures CNY800m loan with China Development Bank appeared first on Vanguard News.
