You are here: HomeBusiness2020 06 26Article 363241

Business News of Friday, 26 June 2020

Source: MyNigeria

FCMB gets $50 million loan to support small scale business

First City Monument Bank, FCMB, has received $50 million from the International Finance Corporation (IFC), a member of the World Bank Group.

The amount received by the bank is to be channelled into helping small and medium enterprises to recover from the effect of COVID-19 on their business activities.

The businesses will be supported with trade financing and working capital loans from the contribution by IFC's commitment towards the private sector in Nigeria.

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.”

Join our Newsletter