FCMB secures $50m IFC mortgage for SMEs

By Collins Nweze

Worldwide Finance Company, a member of the World Financial institution Group, has  authorised $50 million mortgage for First Metropolis Monument Financial institution (FCMB) Restricted to assist it broaden lending to small and medium enterprises (SMEs).

The mortgage is to allow SMEs maintain companies disrupted by the COVID-19 pandemic.

The mortgage, made via IFC’s COVID-19 fast-track financing help bundle, displays IFC’s dedication to Nigeria’s non-public sector following the extreme challenges introduced by the well being and financial disaster.

The funds will permit FCMB to help a whole lot of companies with commerce financing and dealing capital loans.

IFC’s portfolio in Nigeria stands at $1.three billion in sectors, together with manufacturing, monetary companies, infrastructure and know-how.

FCMB’s Chief Govt Adam Nuru mentioned:“IFC’s mortgage facility will permit us to maintain credit score flowing to SMEs in addition to company firms throughout all sectors of Nigeria’s economic system, together with within the well being, pharmaceutical, meals and buying and selling industries.”

IFC’s Nation Supervisor for Nigeria Eme Essien Lore mentioned: “Supporting monetary establishments like FCMB is significant to protecting smaller companies solvent, saving jobs, and limiting financial injury within the face of a problem as formidable as COVID-19.

Though Nigeria has a robust and dynamic non-public sector, it wants liquidity now to make sure it stays viable throughout and after COVID-19.”

IFC’s $eight billion international COVID-19 fast-track facility was launched in March to help shoppers via direct lending to affected companies and to monetary establishments so they might proceed lending to their shoppers and assist to protect and create jobs.