The African Development Bank and First City Monument Bank has reached an agreement to boost small and medium-sized enterprises and women-empowered businesses with a $50 million Line of Credit Agreement.
According to The Nation, the proceeds of the line of credit will be used by FCMB to finance SMEs and WEBs in Nigeria’s agribusiness, manufacturing, healthcare and renewable energy sectors.
The funds are meant to lessen the impact of the COVID-19 pandemic’s difficulties on the competitive landscape in which the beneficiary firms operate.
Through its Affirmative Finance Action for Women in Africa project, the African Development Bank will provide FCMB with a $200,000 technical support grant from the Women Entrepreneurship Finance Initiative.
FCMB also plans to use the grant money to bolster its monitoring and reporting capabilities for WEBs, as well as providing training to its staff.