Ecolex Logo
The gateway to
environmental law
Search results » Legislation

National Economic Reconstruction Fund Act.

Country/Territory
Nigeria
Document type
Legislation
Date
1989
Source
FAO, FAOLEX
Long title
An Act to establish the National Economic Reconstruction Fund, to correct, inadequacies in the provision of medium to long-term financing to small and medium-scale industrial enterprises, provide medium and long-term credit to commercial banks for on-lending and for matters connected therewith.
Subject
Agricultural & rural development
Keyword
Agricultural development Institution Credit Subsidy/incentive Sustainable development
Geographical area
Africa, North Atlantic, Western Africa
Abstract

This Act establishes the National Economic Reconstruction Fund, which shall, among other things: (a) be instrumental in the correct provision of medium to long-term financing to small and medium-scale industrial enterprises, especially manufacturing and agro-allied enterprises; (b) provide loans to participating commercial and merchant banks for on-lending to small and medium-scale enterprises; and (c) facilitate the provision of loans with five to ten year maturity, including a grace period of one to three years, depending on the nature of the enterprise or project. The Act also establishes the National Economic Reconstruction Fund Committee and defines functions and obligations of participating banks.

Full text
English
Website
www.placng.org