By Collins Nweze
International Finance Corporation, a member of the World Bank Group, has approved $50 million loan for First City Monument Bank (FCMB) Limited to help it expand lending to small and medium enterprises (SMEs).
The loan is to enable SMEs sustain businesses disrupted by the COVID-19 pandemic.
The loan, made through IFC’s COVID-19 fast-track financing support package, reflects IFC’s commitment to Nigeria’s private sector following the severe challenges brought by the health and economic crisis.
The funds will allow FCMB to support hundreds of businesses with trade financing and working capital loans.
IFC’s portfolio in Nigeria stands at $1.3 billion in sectors, including manufacturing, financial services, infrastructure and technology.
FCMB’s Chief Executive Adam Nuru said:“IFC’s loan facility will allow us to keep credit flowing to SMEs as well as corporate companies across all sectors of Nigeria’s economy, including in the health, pharmaceutical, food and trading industries.”
IFC’s Country Manager for Nigeria Eme Essien Lore said: “Supporting financial institutions like FCMB is vital to keeping smaller businesses solvent, saving jobs, and limiting economic damage in the face of a challenge as formidable as COVID-19.
Although Nigeria has a strong and dynamic private sector, it needs liquidity now to ensure it remains viable during and after COVID-19.”
IFC’s $8 billion global COVID-19 fast-track facility was launched in March to support clients through direct lending to affected firms and to financial institutions so they could continue lending to their clients and help to preserve and create jobs.
Source: The Nation Online Nigeria
Eyewitness? Submit your stories now via WhatsApp: +2348034798719. Email: firstname.lastname@example.org.
What will make you commit suicide?
- We are not from the Zoo, we are Biafrans – Idoma People Declares (video)
- Watch The Adorable daughters Of Actress Nadia Buari Help Take Out Her Braids (Video)
- Lady dies in fatal accident in Suleja, her identify unknown
- Toyin Abraham and Husband, Kolawole Ajeyemi get Romantic while Dancing (Video)
- APC: How we rigged Ondo Election to make Akeredolu Governor in 2016 – Abegunde
- COVID-19: Another lockdown possible, if… ― FG tells Nigerians
- I was paid N5,000 to murder medical doctor in Zamfara – Suspect
- Akuapem Poloo Speaks After Her Arrest By The Police
- Popular Actor Uche Maduagwu Shades Tacha
- Regina Daniels & Other Nollywood Actresses Who Had A Male As Their First Child
- See Tonto Dikeh’s Reactions After She Saw A Photoshopped Photo Of Herself & Bobrisky
- New Song: Sound Sultan – Fayaa Fayaa Ft. Duktor Sett
- Teddi Mellencamp Reveals Daughter Dove Needs To Have Neurosurgery – Warritatafo
- Disinfection Of Schools To Begin Tuesday, FG Reveals
- Herbalist Used Pastor For Ritual In Osun State (Video)
- Transfer rumours: Rice, Koulibaly, Skriniar, Milinkovic-Savic, Ake, Edouard
- New Update on makeup artist, Deborah Tushima, who was poisoned at her birthday party over iphone 11, slupmed and died while dancing – Family explains what led to her death
- Davido’s cousin, Adenike, gets Benz gift from dad as she graduates
- Lizzo Kicked Out Of Vacation Rental & Accuses Landlord Of Police Threats – Warritatafo
- Brittany Matthews reacts to Patrick Mahomes’ monster Chiefs contract
- Bandits surrender as Nigerian Army destroys terrorists’ hideouts, captures logistics’ supplier [PHOTOS]
- Man shot dead in Bronx while walking with 6-year-old daughter
- Jon Gosselin Explains Why Collin Is Missing From 4th Of July Photo – Warritatafo
- Ebuka Obi-Uchendu announces he has been confirmed #BBNaija season 5 host
- New Song: Golden Boi – Pick Up ft MYkeelis
- New rules: International students must leave U.S. if classes go online
- Florida schools ordered to reopen next month amid coronavirus spike
- [Video] Major headline News: APC faces hard task over 2023 zoning
- Black, disabled and female: ‘It’s a hard place to be’
- Reps begin investigation to identify, block $30bn annual revenue leakage
- ‘The Bold and the Beautiful’: Denise Richards Talks About Her Experience Going Back to Filming the Show
- Interstate travel: FRSC, road transport unions adopt resolutions
- Jacob deGrom: Winning third Cy Young wouldn’t feel the same
- Florida teen went to large church party two weeks before dying of coronavirus
- Post COVID-19: FG proposes N2.3trn to boost mining, other sectors
- Max Irons reveals he was ‘sweating and shaking’ during gun training for Condor
- Nets raising NBA restart expectations despite decimated roster
- Nigeria is worried over impact of COVID-19 – Ehanire
- Yankees’ Aaron Judge may really be ready for Opening Day
- PACAC says Malami is arrow-head of power bloc, as panel grills Magu for hours
- New Interview – Warritatafo
- Indian hemp: 70-yr-old woman, 4 others docked in Osun
- IGR: Investment experts seek review of tax collection initiative
- Disney Star Sebastian Athie dies at age 24
- Russian navy to receive some 40 warships this year
- NGO campaigns against rape in Abuja
- ‘Athlete A’: What Is the New Netflix Documentary About?
- Kanayo becomes a lawyer after passing law school
- Yankees are battle-proven for craziness of 2020 MLB season
- New York father fatally shot while holding daughter’s hand (Photos)
- Prison officials want to ensure Ghislaine Maxwell doesn’t meet same fate as Epstein
- #Coronavirus: Boris Johnson criticised over care home comments
- State govts responsible for COVID-19 patients’ evacuation — NCDC
- KJ Apa Shows Off His Dancing Skills & Beard In New TikTok Video – Warritatafo
- Covid-19: Teaching staff exempted from Kano worker’s resumption order