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Reading: AfDB signs $50 million line of credit agreement with FCMB
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Finance

AfDB signs $50 million line of credit agreement with FCMB

First City Monument Bank (FCMB) and the African Development Bank (AfDB) have agreed to a $50 million line of credit. This information may be...

News Agency of Nigeria
News Agency of Nigeria - Agency Reporter November 04, 2022
Updated November 4, 2022 at 10:01 PM
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AfDB signs $50 million line of credit agreement with FCMB
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AfDB signs $50 million line of credit agreement with FCMB

First City Monument Bank (FCMB) and the African Development Bank (AfDB) have agreed to a $50 million line of credit.

This information may be found in a statement released on Friday by Chukwuemeka Ezekiel of the AfDB Group's Nigeria Country Department.

The loan line is intended to promote small- and medium-sized businesses with a focus on women's empowerment in their access to capital.

The AfDB's support for FCMB, according to Lamin Barrow, the bank's Director-General for Nigeria, would promote the goals of the Affirmative Finance Action for Women in Africa (AFAWA) initiative.

By making it easier for women entrepreneurs to acquire financing, the programme aims to increase gender inclusion.

“With at least 30 per cent of the funding from the Line of Credit to be channelled to women-owned businesses, FCMB will be better positioned to scale up the deployment of its tailored products and services.

“The aim is to meet the needs of SMEs and women-owned businesses,” Mr Barrow said.

FCMB’s Managing Director, Yemisi Edun, said “we are happy to collaborate with the AfDB.”

According to her, the aim is to create expanded opportunities and accelerate post-COVID-19 pandemic business recovery for SMEs and women-owned businesses in Nigeria through funding and technical support.

“We are intentional about collaboration that upskills entrepreneurs, drives industrialisation, and creates economic value, wealth and employment for Nigerians.”

Ms Edun said that the agreement affirmed the bank’s confidence in FCMB’s growth potential and corporate governance structures.

According to the statement, FCMB will use the line of credit to expand lending activities that will boost the country’s post-pandemic economic recovery and drive more inclusive and climate-resilient growth.

It would also focus on enterprises in Nigeria’s agribusiness, manufacturing, healthcare and renewable energy sectors.

Meanwhile, the AfDB is also providing a complementary technical assistance package of 285,000 dollars under its AFAWA initiative.

The grant funding would support the enhancement of financial literacy, business management and entrepreneurial skills for women-led businesses and strengthen FCMB’s monitoring and reporting functions.

The funding is provided by the Women Entrepreneurship Finance Initiative.

(NAN)

Tags: Finance

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