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COVID-19: IFC gives FCMB $50m SME loan facility



NIGERIA’S First City Monument Bank (FCMB) is to receive $50 million loan facility from International Finance Corporation (IFC), to help it expand lending to small and medium enterprises (SMEs) so they can sustain business activities disrupted by the COVID-19 pandemic.

  The International Finance Corporation, a member of the World Bank Group, announced this today while disclosing the Body’s part of COVID-19 fast-track financing support package to Nigeria’s private sector development.

According to FCMB’s Chief Executive, Adam Nuru, “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 while lauding the international monetary organisation 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 2020 to support existing clients through direct lending to affected companies and to financial institutions so they can continue lending to their clients and help to preserve and create jobs.

With a network of 205 branches, FCMB serves more than 4.5 million customers in Nigeria. IFC’s portfolio in the country stands at $1.3 billion in sectors including manufacturing, financial services, infrastructure and technology.

IFC believes the measure will strengthen institutions and stabilise private driven sectors already battered by the pandemic.

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