AfDB, FCMB signs $50m line of credit agreement

African Development Bank (AfDB) and First City Monument Bank, FCMB, have signed a $50 million Line of Credit agreement to increase access to finance for Small and Medium Enterprises, SMEs, and Women-Empowered Businesses (WEB) in the country.

AfDB also said that it would  partner with FCMB through a technical assistance grant of $200,000 sourced from the Women Entrepreneurship Finance Initiative (WeFi) under its Affirmative Finance Action for Women in Africa (AFAWA) initiative.

Commenting on the development, the Director General, AfDB, Nigeria, Mr. Lamin Barrow, said, “This collaboration will further expand FCMB’s financial support to this underserved group and contribute to the growth of the Nigerian economy.”

Lamin said the focus and objectives of the Bank’s collaboration with FCMB are in line with the African Development Bank’s strategic priorities of promoting gender inclusivity, private sector development, industrialisation, food security, and job creation in the Bank’s regional member countries as encapsulated in the Bank’s High-5 strategic priorities to ‘Industrialise Africa’ and ‘Feed Africa’.

On her part, the Managing Director, FCMB Limited, Mrs. Yemisi Edun, said, “We are happy to collaborate with AfDB 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.

“We are intentional about collaborations that upskill entrepreneurs, drive industrialisation, and create economic value, wealth and employment for Nigerians.”