|Approval Date||09 Mar 2016|
|Signature Date||01 Aug 2017|
|Sovereign / Non-Sovereign||Non Sovereign|
|DAC Sector Code||24030|
This Project is for a 7 years multi-sector Line of Credit (LOC) of up to USD 15 million to Wema Bank PLC. The facility will be availed in Nigerian Naira (NGN). The objective of the LOC is to help Wema grow its Small and Medium Enterprises (SMEs) portfolio in various sectors in the Nigerian economy. It will support various SMEs in transformative sectors such as, agricultural, agri-business, construction, manufacturing and educational sectors in Nigeria as well as women- and youth-owned enterprises and agricultural transactions. Notably the facility will also contribute towards positive gender and social effects and inclusive growth which will arise from the support to women- and youth-owned enterprises. At the company level, one of the objectives of the project is to enhance Wema’s capacity as a key player in the retail banking sector in Nigeria. The other is to strengthen Wema Bank’s, a fully owned indigenous institution, position as a transformed financial institution that has survived various cycles of the Nigerian economy.
The objective of this project is to contribute towards reducing financing constraints faced by SMEs in Nigeria and promote private sector development and broad-based economic growth in Nigeria through significant job creation, increased productivity and enhance household incomes.
The direct beneficiaries of the intervention are Wema Bank Plc of Nigeria, the Federal Government of Nigeria, as well as small and medium-sized enterprises (SMEs). This resources are targeted at SMEs in the agricultural, manufacturing and educational sectors in Nigeria among other transformative sectors including SME business and agricultural transactions, women- and youth-owned enterprises.
African Development Bank
|Last Update||18 Feb 2020|