The International Finance Corporation (IFC), a member of the World Bank, plans to issue a $50 million bond, to support Nigeria’s capital market and increase access to finance in the country.
This brings IFC’s total committed portfolio in Nigeria to $1.1 billion, the largest country portfolio in Africa and the eighth-largest globally.
It’s the first Naira denominated bond to be issued by the IFC, targeted at investors who want to diversify their portfolio while investing in high-quality assets.
IFC bonds are rated Triple-A by Moody’s Investors Service and Standard & Poor’s.
Proceeds from the bond will be used to support IFC’s private sector development program.