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Supporting the import of essential goods in Nigeria
Project
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Signature date
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Location
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Nigeria
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Financing tool
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Financing amount (Euro)
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20000000
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Financing details
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Guarantees provided by Proparco to the confirming banks that are members of the program for documentary credits issued by CMB. Maximum envelope of USD 20m.
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Customer
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CORONATION MERCHANT BANK
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Type of customer
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Financial institution
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Country of headquarters
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Nigeria
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Project number
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PNG1085
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Environmental and social ranking
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IF-C
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco has allocated a EUR 20m guarantee envelope for Trade Finance instruments to Coronation Merchant Bank Limited (CMB) to support the financing of the import of essential goods and investment in Nigeria.
Client presentation
The bank was set up in 1993 under the name of Associated Discount House Limited. It obtained a merchant banking license from the Central Bank of Nigeria in 2015 and became Coronation Merchant Bank Limited (CMB). The bank mainly operates in corporate and investment activities and already finances the Trade Finance operations of large companies and SMEs throughout Africa.
Project description
The Trade Finance facility, for a renewable two-year period, will enable CMB to issue international Trade Finance instruments for an amount of up to USD 20m.
This project will have a significant impact, as it is supporting the bank on international markets and encouraging foreign banks to increase their Trade Finance operations with CMB and its local clients.