October 21

The African Development Bank, First City Monument Bank Sign $50 Million Agreement to Enhance Access to Finance for SMEs in Nigeria

By Kayode Tokede

The African Development Bank (AfDB) has signed a $50 million Line of Credit Agreement with First City Monument Bank (FCMB) to support access to finance for Small and Medium-sized Enterprises (SMEs), as well as Women-empowered Businesses (WEBs).

FCMB will use the proceeds of the Line of Credit to finance SMEs and WEBs in Nigeria’s agribusiness, manufacturing, healthcare and renewable energy sectors.

Photo courtesy of Commonwealth Secretariat.

Source: THISDAY LIVE (link opens in a new window)

financial inclusion, manufacturing, renewable energy