A US based Nationwide Finance, eyes to venture into the country’s lending business, vowing to introduce single digit interest rates.
The institution specialises in the provision of bank and corporate guarantees, refinancing, export credit agency (ECA) financing and public financing.
Its Chief Executive Officer, Mr Ed Kostenski, recently visited the country in a special mission to undertaking some procedures for establishing the branch as well as holding talks with some interested customers.
“We have some hopes for coming here as we have seen that there is a market. We see great potential here for investments and capital goods,” he told the ‘Daily News,’ adding that the current costs of accessing capital in the country is very high due to the interest rates charged by the local financial institutions.
According to him, seven projects in the real estate and transport have so far lined up for financial loans totalling 1.3 billion US Dollars (about 2.9 trillion/-) from the Nationwide Finance.
“We are still in talks with the project initiators to lay down the strategies for financing the projects, we want to see low interest rate,” he said.
Although not sector bias, the company is noted for providing financial support to companies in the construction, mining and manufacturing sectors The company, a subsidiary of The Nationwide Group of Companies, has been on the quiet, as the appetite of companies for extra capital to grow and expand went down considerably.
After making a strong impact in project financing in other parts of the world, Nationwide Finance is now extending its expertise into virgin markets, with Africa being of big interest to it.
He said his outfit had been meeting some key officials in government and in the private sector to deliberate on how the two could leverage Nationwide Finance’s expertise in project financing to grow their businesses and the country in general.
Daily News
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