The African Development Bank has signed a $50m credit agreement with Nigeria’s First City Monument Bank to support access to finance for small and medium-sized enterprises, as well as Women-Empowered Businesses.
A statement said FCMB would use the proceeds of the credit to finance SMEs and WEBs in Nigeria’s agribusiness, manufacturing, healthcare and renewable energy sectors.
The funds are intended to mitigate the effects of the challenges created by COVID-19 pandemic on the business environment in which the beneficiary enterprises operate.
Also, the African Development Bank would partner with FCMB through a technical assistance grant of $200,000 sourced from the Women Entrepreneurship Finance Initiative under its Affirmative Finance Action for Women in Africa initiative.
