The African Growth Financial institution (AfDB) has signed a $50 million Line of Credit score Settlement with Nigeria’s First Metropolis Monument Financial institution (FCMB) to assist entry to finance for small and medium-sized enterprises (SMEs), in addition to women-empowered companies (WEBs).
FCMB will use the proceeds of the Line of Credit score to finance SMEs and WEBs in Nigeria’s agribusiness, manufacturing, healthcare and renewable vitality sectors. The funds are supposed to mitigate the results of the challenges created by COVID-19 pandemic on the enterprise setting by which the beneficiary enterprises function.
Additionally, the African Growth Financial institution will companion with FCMB by means of a technical help grant of US$200,000 sourced from the Ladies Entrepreneurship Finance Initiative (WeFi) below its Affirmative Finance Motion for Ladies in Africa (AFAWA) initiative. FCMB will deploy the grant sources to offer non-financial providers, together with coaching and strengthening of its monitoring and reporting features for WEBs.
“The African Growth Financial institution is happy to companion with FCMB, a monetary establishment that has constantly demonstrated dedication to supporting and financing small and medium-sized enterprises and girls entrepreneurs. This collaboration will additional increase FCMB’s monetary assist to this underserved group and contribute to the expansion of the Nigerian economic system,” mentioned Lamin Barrow, the AfDB’s Director Common, Nigeria Nation Division.
Lamin mentioned the main target and goals of the Financial institution’s collaboration with FCMB are in keeping with the African Growth Financial institution’s strategic priorities of selling gender inclusivity, non-public sector growth, industrialisation, meals safety, and job creation within the Financial institution’s regional member international locations as encapsulated within the Financial institution’s Excessive-5 strategic priorities to ‘Industrialise Africa’, and ‘Feed Africa’.
Managing Director, FCMB Restricted, Yemisi Edun, mentioned “We’re completely happy to collaborate with the African Growth Financial institution to create expanded alternatives and speed up post-COVID-19 pandemic enterprise restoration for small, medium-sized, and women-owned companies in Nigeria by means of funding and technical assist. We’re intentional about collaborations that upskill entrepreneurs, drive industrialisation, and create financial worth, wealth and employment for Nigerians.”
She added “This collaboration additionally reveals that AfDB really believes within the progress potential of FCMB, the wonderful company governance constructions now we have put in place and our robust efficiency over time. We stay dedicated to empowering our prospects and stakeholders to realize their private and enterprise aspirations”.
Chevron breaks silence on ‘plans to depart Nigeria’
N77trn debt: We’re again to darkish days, Nigerians cry out
Nervousness mounts over new naira notes deadline