The United States Agency for International Development (USAID) has entered into a new partnership agreement with First City Monument Bank (FCMB). The partnership was announced at a ceremony held at the FCMB Headquarters in Lagos, Nigeria, on Wednesday, May 8, 2024.
Under the terms of the agreement, USAID and the United States International Development Finance Corporation (DFC) will collaborate with FCMB to facilitate $10 million in new loans. This initiative aims to expand access to finance for underserved borrowers, including micro, small and medium-sized enterprises (MSMEs) in the health sector throughout Nigeria.
FCMB Managing Director, Mrs Yemisi Edun, expressed her appreciation for the DFC's commitment to improving local access to quality healthcare. She said, "This partnership will help close the gap in healthcare financing. This means more Nigerians will have access to better healthcare facilities. First City Monument Bank welcomes the opportunity to collaborate with healthcare providers and SMEs nationwide to build a healthier, more productive future for our nation."
USAID Mission Director Melissa Jones echoed these sentiments, stating, "As demonstrated by this partnership, the United States government is eager to continue collaborating with the financial sector to improve access to credit for underserved borrowers, including micro and small and medium enterprises, in the health sector, and thereby stimulate economic growth."
She added that, in addition to supporting FCMB’s increased lending in the health sector, they are committed to working with FCMB to disburse loans to the agriculture and renewable energy sectors through their existing partnerships.
The partnership is intended to boost key areas, including loans in the healthcare sector and loans to SMEs. In the healthcare sector, loans will be used to support businesses such as hospitals, health centres, clinics, diagnostic centres, pharmacies, and maternal health facilities. They will also facilitate the procurement of medical equipment and the construction and renovation of health facilities. For SMEs, the bank's focus will include financial support for working capital, equipment procurement, construction, and restructuring of commercial properties.