IFC supports Nigeria’s FCMB to finance SMEs facing COVID-19 related challenges
to small and medium enterprises so they can sustain business activities disrupted by the COVID-19 pandemic.
The loan, made through IFC’s COVID-19 fast-track financing support package, reflects IFC’s commitment to Nigeria’s private sector following the severe challenges brought by the health and economic crisis. The funds will allow FCMB to support hundreds of businesses with trade financing and working capital loans.
FCMB’s Chief Executive, Adam Nuru, said, “IFC’s loan facility will allow us to keep credit flowing to SMEs as well as corporate companies across all sectors of Nigeria’s economy, including in the health, pharmaceutical, food and trading industries.”IFC’s Country Manager for Nigeria, Eme Essien Lore, said, “Supporting financial institutions like FCMB is vital to keeping smaller businesses solvent, saving jobs, and limiting economic damage in the face of a challenge as formidable as COVID-19.
IFC’s $8 billion global COVID-19 fast track facility was launched in March 2020 to support existing clients through direct lending to affected companies and to financial institutions so they can continue lending to their clients and help to preserve and create jobs. With a network of 205 branches, FCMB serves more than 4.5 million customers in Nigeria. IFC’s portfolio in the country stands at $1.3 billion in sectors including manufacturing, financial services, infrastructure and technology.IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lagos Tops Daily COVID-19 Chart As Nigeria Nears 23,000 CasesICYMI: Lagos Tops Daily COVID-19 Chart As Nigeria Nears 23,000 Cases
Read more »
COVID-19: We spent N118m to support UCH, Virology Dept - Oyo Govt insists - Daily Post NigeriaThe Oyo State Government on Wednesday insisted that it has spent the sum of one hundred and eighteen million naira (N118m) to support the University
Read more »
Four suspects facing culpable homicide charge test positive for COVID-19 in Bauchi - Daily Post NigeriaFour of the five suspects charged with culpable homicide for allegedly killing a security guard with the New Trafford Hotels and Suites in Bauchi, Sunday
Read more »
COVID-19: Face shields not enough protection - NCDC - Daily Post NigeriaThe Nigeria Centre for Disease Control (NCDC) has said the use of face shields is not sufficient to protect anyone from contracting COVID-19. It, however,
Read more »