|Approval Date||10 Oct 2018|
|Signature Date||07 May 2019|
|Sovereign / Non-Sovereign||Non Sovereign|
|DAC Sector Code||24030|
The Fidelity Bank PLC provides a long-term, dedicated and targeted credit line of up to USD 50 million over seven years, including a two (2) year grace period. It aims to increase the resources used by Fidelity to finance its project pipeline and expand its portfolio and lending activities to women's businesses and SMEs operating in several sectors. This project was designed to help Fidelity meet the medium-term financing requirement of its project pipeline in the processing sectors in Nigeria. This facility will assist to (i) contribute towards reducing financing constraints faced by WOEs, as well as SMEs operating in the as manufacturing and agriculture, health and education sectors: (ii) promote private sector development, increase productivity, enhance household incomes and promote broad-based economic growth, with a view of contributing to the structural transformation in Nigeria and the diversification of its economy away from over reliance on the oil and gas sectors(iii) contribute towards positive gender and social effects and inclusive growth.
The objective of the project is to return resources from the line of credit to SMEs as well as women and young entrepreneurs in Nigeria operating in specific sectors: manufacturing production, education and health.
The direct beneficiary of the project is Fidelity Bank Plc Nigeria (Fidelity). The final beneficiaries are companies owned by women (representing at least 30% of the facility) and SMEs in the following processing sectors: manufacturing, health, education.
African Development Bank
|Last Update||12 Jul 2020|