Business

AfDB signs $50m agreement with FCMB

The African Development Bank (AfDB) has signed an agreement with First City Monument Bank (FCMB) for a $50 million line of credit.

This was contained in a statement issued on Friday by AfDB Group, Nigeria Country Department.

The line of credit is to support access to finance for small and medium-sized and women-empowered enterprises.

The bank’s Director-General for Nigeria, Lamin Barrow, said the AfDB’s support to FCMB would advance the objectives of the Affirmative Finance Action for Women in Africa (AFAWA) initiative.

“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,” 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,” she added.

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

She added that 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.

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

The Star