| Approval Date | 30 Jun 2021 |
| Signature Date | 17 Oct 2022 |
| Sovereign / Non-Sovereign | Non Sovereign |
| Sector | Finance |
| DAC Sector Code | 24030 |
| Environmental Category | FI-B |
| Commitment | U.A 37,386,531.88 |
| Status | Approved |
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.
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.
The beneficiaries of the intervention are women empowered businesses and local enterprises involved in key sectors of agribusiness, manufacturing, healthcare and renewable energy.
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Implementing
First City Monument Bank (FCMB) Limited
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Funding
African Development Bank
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| IATI identifier | 46002-P-NG-H00-016 |
| Last Update | 21 Mar 2023 |
| Name | Karine Nadege GONDJOUT |
| k.gondjout@afdb.org |