Nigeria - Thematic Facility to First City Monument Bank (FCMB)


Project Summary

Approval Date 30 Jun 2021
Sovereign / Non-Sovereign Non Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 35,489,434.8
Status Approved

Project General Description

This project concerns a thematic Line of Credit (LoC) to First City Monument Bank Limited (FCMB). The proposal is for a countercyclical intervention in the challenging COVID-19 environment to support access to finance for women empowered businesses and local enterprises. The proposal is for the Bank to provide an amount of USD 50 million for a period of seven (7) years, including a grace period of two (2) years. Through this facility, FCMB will channel up to thirty per cent of the loan proceeds to women empowered businesses. The main development outcomes are expected to arise from Private sector development and demonstration effects through the alleviation of financing constraints faced by firms (including SMEs) in Nigeria.

Project Objectives

The project objective is to provide a countercyclical support to increase access to finance for women empowered businesses and local enterprises in key economic sectors.

Beneficiaries

The beneficiaries of the intervention are women empowered businesses and local enterprises involved in key sectors of agribusiness, manufacturing, healthcare and renewable energy.

Participating Organization

Funding
African Development Bank

Information

IATI identifier 46002-P-NG-H00-016
Last Update 04 Dec 2021

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Contact Details

Email private-sector@afdb.org

Geographic Location

Country Nigeria