Nigeria’s First City Monument Bank (FCMB) has been granted a $50 million loan facility by the African Development Bank (AfDB) to help local enterprises and women-empowered businesses in the agribusiness, manufacturing, healthcare and renewable energy sectors.
Thirty percent of the funds, which are intended to mitigate effects of the challenging Covid-19 environment, are earmarked for underserved women-empowered businesses.
In addition, the Bank will provide a technical assistance grant of $200,000 through its Affirmative Finance Action for Women in Africa (AFAWA) initiative supported by the Women Entrepreneurship Finance Initiative. The grant will complement the loan by enabling First City Monument Bank to provide non-financial services, including training, and to strengthen its monitoring and reporting functions.
“The African Development Bank is pleased to support FCMB’s strategy to become a dominant player in addressing the funding needs of women-empowered and local enterprises,” said Stefan Nalletamby, the African Development Bank’s Director of Financial Sector Development.
“This project will extend valuable resources to critical but underserved segments during the ongoing Covid-19 pandemic, with its adverse macroeconomic impacts.”