IFC lends $175m to GT Bank

International Finance Corp (IFC) has lent $175 million to Nigeria’s Guaranty Trust Bank (GT Bank) to expand its lending portfolio in Africa’s biggest economy, the private arm of the World Bank said on Tuesday.

It said the financing comprises $100 million for IFC’s own account and $75 million through an IFC managed co-lending portfolio. GT Bank is a top tier commercial lender with 233 branches in Nigeria.