Nigeria: Citibank to Raise $18 Million for American International School, Lagos
Lagos – Citibank and American International School, Lagos (AISL) have reached an agreement for the bank to raise $USD 18 million for the expansion of the school’s program to include grades 10-12. The addition of the school’s curriculum, which currently stops in grade nine, will allow the school to now offer a high school diploma and international baccalaureate diploma.
Citibank is expected to raise 25% of the funds locally and the remaining amount in international markets. Citibank Nigeria’s Managing Director, Emeka Emuwa, at the signing ceremony said, “This deal once again highlights Citi’s commitment to its emerging markets business while also demonstrating our strong fund raising capabilities and reach, even in a difficult global financial climate. For the Citi team in Nigeria, this deal demonstrates our focus on helping our clients achieve their business goals and also our commitment to supporting education in the country.”
The AISL deal also has significant financial and managerial involvement from other U.S. linked entities including the Overseas Private Investment Corporation (OPIC), which will work closely with Citi Exports and Agency Finance group (Citi EAF) to raise the international capital, the U.S. State Department, and other U.S. companies operating in Nigeria who have made significant financial commitment to the project.
The new AISL facility, which will be constructed on a 40-acre site along the Lekki axis, is expected to open for the 2009/2010 school year.
Citi Nigeria’s Corporate Finance and commercial banking teams along with the Citi Export Agency Finance team in New York worked together for the successful conclusion of the agreement.
The total cost of the project is USD $45 million.
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