AFDB, FCMB TO BOOST FINANCE FOR SMEs OTHERS TO NEW PARTNERSHIP

The African Development Bank, AFDB, has signed a $50 million line of credit agreement with the Nigeria’s First City Monument Bank(FCMB) to give access to finance for small and medium sized enterprises (SMEs)as well as women-empowered businesses (WEBs). FCMB intends to use the proceeds of the line of credit to finance SMEs and WEBs in Nigeria’s agribusiness, manufacturing, health care and renewable energy sectors.
The funds are intended to mitigate the effects of the predicaments created by the COVID-19 pandemic on the business environment in which the beneficiary Enterprise operate. The African Development Bank also decided to partner with FCMB through an assistance grant of $200,000 sourced from the Women Entrepreneurship Finance Initiative (WEFI) under it’s Affirmative Finance Action for Women in Africa (AFAWA) initiative. The grant resources will be displayed by FCMB to provide non-financial services, including training and strengthening of it’s monitoring and reporting functions for WEBs.
The managing director of FCMB limited,Yemisi Edun, said “we are happy to collaborate with the African Development Bank to create expanded opportunities and accelerate post COVID-19 pandemic business recovery for small, medium-sized, and women-owned businesses in Nigeria through funding and technical support.
The AFDB has indeed shown keen interest in the growth potential of FCMB and have vowed to remain Committed to empowering their customers and stakeholders to achieving their personal and business aspirations.