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Industry bank created

    ABIDJAN

    The Nigerian government is setting up an industrial bank with an initial capital of US $416 million to facilitate loans to large-scale, medium- and small-scale industries, and to rehabilitate ailing industries, AFP reported on Wednesday.

    The new bank, the Bank of Industry, was created from the fusion of the Nigerian Industrial Development Bank, the Nigerian Bank for Commerce and Industry, and the National Economic Reconstruction Fund.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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