08 Jul AfDB approves $50m loan FCMB to fund Nigerian women businesses
The board of directors of the African Development Bank has approved a loan of $50m to First City Monument Bank Limited to channel to local enterprises and women-empowered businesses in the agribusiness, manufacturing, healthcare and renewable energy sectors.
AfDB disclosed this on Wednesday in a statement titled ‘Nigeria: African Development Bank bolsters women-empowered businesses with $50m loan to FCMB bank’.
It said 30 per cent of the funds was intended to mitigate the effects of the challenging COVID-19 environment and earmarked for underserved women-empowered businesses.
It added that the bank would provide a technical assistance grant of $200,000 through its Affirmative Finance Action for Women in Africa initiative, supported by the Women Entrepreneurship Finance Initiative.
The grant would complement the loan by enabling FCMB to provide non-financial services, including training, and to strengthen its monitoring and reporting functions, it stated.
The AfDB’s Director of Financial Sector Development, Stefan Nalletamby, said, “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.
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