The International Finance Corporation ( IFC ), the private sector arm of the World Bank group, plans to finance $675 million for major projects in Nigeria during the next six months. The spending is part of IFC's commitment to increase private sector investment in Nigeria . Speaking at a World Press Conference in Abuja , IFC's Executive Vice President, Laz Thunell, disclosed that it would increase its financial help to help improve the Nigerian economy from its present level of $400 million to $500 million. The IFC plans to spend a total of $75 million on a seven-year loan to Obajana Cement owned by the Dangote group. Thunell also disclosed plans by the bank of financing the Nigerian banking sector with a total of $100 million, of which the United Bank for Africa will get $75 million, and the$25 million would be provided for mortgage financing. Thunell commended the federal government in its fight against corruption and its stand on transparency and the banking sector reforms.
IFC commits $675 million to support economic development