First City Monument Bank (FCMB) is set to provide long term funding to women empowered businesses and local enterprises involved in agribusiness, manufacturing, health care, and renewable energy, courtesy of a $50m credit facility from the African Development Bank (AfDB).
The $50 million which is expected to be to FCMB before the end of the year, will narrow the lending gap to underserved segments and complement FCMB’s lending efforts and operations in the Nigerian market.
In addition to the $50m, the AfDB will provide a technical assistance grant of $200,000 to FCMB through its Affirmative Finance Action for Women in Africa (AFAWA). The Women Entrepreneurship Finance Initiative, an international partnership supporting women entrepreneurs in developing countries, supports AFAWA.
In a statement, AfDB’s Director of Financial Sector Development, Mr Stefan Nalletamby, said, “We are pleased to support FCMB’s strategy to become a dominant player in addressing the funding needs of women-empowered and local enterprises. This project will extend valuable resources to critical but underserved segments during the ongoing COVID-19 pandemic, with its adverse macroeconomic impact”.
Mrs. Yemisi Edun, Managing Director, FCMB, thanked the African Development Bank for having confidence in the Bank, saying the credit line would help it increase lending to high impact sectors of the Nigerian economy.