The African Development Bank has signed a $50 million Line of Credit Agreement with Nigeria's First City Monument Bank (FCMB) to support access to finance
The African Development Bank has signed a $50 million Line of 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 . FCMB will use the proceeds of the Line of Credit to finance SMEs and WEBs in Nigeria’s agribusiness, manufacturing, healthcare and renewable energy sectors.
Managing Director, First City Monument Bank , Mrs. Yemisi Edun with the Director General, Nigeria Country Department of the African Development Bank , Mr. Lamin Barrow, during the signing ceremony of a $50 million Line of Credit Agreement provided by AfDB to FCMB to support Small and Medium Scale enterprises , as well as Women-Empowered Businesses . The ceremony took place on October 17, 2022 in Lagos.
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’.
She added “This collaboration also shows that AfDB truly believes in the growth potential of FCMB, the excellent corporate governance structures we have put in place and our strong performance over the years. We remain committed to empowering our customers and stakeholders to achieve their personal and business aspirations”.
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