African Development Bank and FCMB Sign $50 million Line of Credit Agreement to bolster access to finance for SMEs and Women-empowered Businesses.
Summary
FCMB will deploy the grant resources to provide non-financial services, including training and strengthening of its monitoring and reporting functions for WEBs.Other outcomes expected from this operation are improved access to finance for at least 50 enterprises, out of which 29 are envisaged to be in agribusiness and manufacturing, nine in renewable energy and 13 in the healthcare industry. A minimum of 14 female entrepreneurs will be supported to access long-term funding and at least 1,000 jobs created or sustained.Small and medium-sized firms account for up to 80% of employment in most African countries, and women-empowered businesses typically face a considerable financing gap. "The African Development Bank is pleased to partner with FCMB, a financial institution that has continuously demonstrated commitment to supporting and financing small and medium-sized enterprises and women entrepreneurs. The African Development Bank is an implementing partner of the Women Entrepreneurs Finance Initiative - a partnership housed in the World Bank Group that aims to unlock financing for women-led businesses in developing countries.Managing Director, FCMB Limited, Yemisi Edun, said We are happy to collaborate with the African Development Bank to create expanded opportunities and accelerate post-COVID-19 pandemic business recovery for small, medium-sized, and women-owned businesses in Nigeria through funding and technical support. The Bank is committed to COVID-19 recovery, income equality and poverty reduction by easing credit constraints to disadvantaged individuals and small businesses.