BANGKOK — The European Investment Bank's development arm, EIB Global, and First City Monument Bank have announced an €85 million (about N127.4 billion) financing package for private agribusinesses in Nigeria. At least 70 per cent of the money is reserved for the cocoa and dairy value chains. It is EIB Global's first investment in the dairy sector outside the European Union. Borrowers will have to comply with the EU Deforestation Regulation, and technical assistance will be provided alongside the credit line. The deal was announced on the sidelines of the IMF and World Bank Annual Meetings in Bangkok in the presence of EIB President Nadia Calviño, Finance Minister Taiwo Oyedele, EU Commissioner Jozef Síkela and FCMB Chief Executive Yemisi Edun. The EIB has invested €2.3 billion in Nigeria since 1978.