CDC Group Is Partnering with FirstBank to Support Women and Small Business Owners with a $100 Million Credit Facility
We announced today a US$100 million finance facility to First Bank of Nigeria Limited (FirstBank). This new facility will direct funding to women-owned and led businesses as well as to local small and medium-sized enterprises (SMEs) in Nigeria.
The deal will support FirstBank, one of Nigeria’s largest banking groups, to deliver financial solutions that help to address the challenge of limited access to capital faced by underbanked and underserved groups in the country. As part of the new facility, a minimum of US$30 million will be allocated in the form of credit lines to women entrepreneurs. The facility will also support FirstBank’s ‘FirstGem’ gender-focused services offering, which takes steps to promote gender inclusion by improving lending and support to female entrepreneurs.
The new partnership between CDC, which will be renamed British International Investment in April, and FirstBank demonstrates a shared mission to spur sustainable, productive and inclusive growth in Nigeria.
Photo courtesy of Commonwealth Secretariat.