x

French coy, FCMB partner to grow MSMEs in Nigeria

Proparco and First City Monument Bank (FCMB) have signed a N2 billion risk-sharing facility agreement to promote the growth of Micro, Small, and Medium-Scale Enterprises (MSMEs) in Nigeria.
According to statement by Claude Abily, Political Counsellor of the French Embassy in Nigeria, MSMEs represent 96 per cent of all businesses in Nigeria and attest to their strategic role in the development of the Nigerian economy.
“The agreement covers up to N2 billion worth of loans granted by FCMB to MSMEs, representing 96 per cent of all businesses in Nigeria and testifying to their critical role for the economy.
“However, most SMEs still lack access to appropriate sources of financing needed to develop their activity.
“FCMB was created in 1982 and currently ranks among Nigeria’s top ten banks and has its growth strategy of supporting SMEs through tailored products and services to entrepreneurs.
“Proparco’s support will help FCMB extend its financing to a greater number of SMEs in Nigeria.
“It is estimated that this risk-sharing facility agreement could support close to 245 MSMEs in the country and contribute to creating or maintaining more than 440 jobs,” Abily said.
According to Abily, the agreement between Proparco and FCMB is the second since 2012, when it granted a loan of 25 million dollars to the Nigerian bank, to support lending activity to the infrastructure sector.
“This project contributes to the French initiative `Choose Africa’, which was launched by AFD Group in 2019, with ambitions to dedicate €2.5 billion and accelerate growth of MSMEs in Africa by 2022,” he said.

The political counsellor said that Proparco, a subsidiary of Agence Française de Développement (AFD), was into projects development with focus on renewable energies, agribusiness, financial institutions, healthcare, and education with a view to strengthening the contribution of the private sector to achieving the objectives of the Sustainable Development Goals.

Toward that end also, Proparco is  focused on funding and provision of support to both businesses and financial institutions in Africa, Asia, Latin America, and the Middle-East. (NAN)

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalistAs...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

PANDEF Blasts Wike’s Inflammatory Statements, Demands Retraction

The Pan Niger Delta Forum (PANDEF) has called on...

United States And Terrorism Financing: The Paradox Of Global Security Initiative

By Sheriff Ghali Ibrahim,  AbujaIt is pertinent to trace...

El-rufai opens up on Tinubu’s issue in Chicago University, drugs traffics

*Say's "We were aware", regret supporting Tinubu By Achadu Gabriel,...

Kaduna ECWA DCC retired Pastors, others console family of late Elder Jatau Danladi Bako

Idibia Gabriel, Kaduna A delegation of retired pastors from Kwoi...

USPF Secretary Applauds ITU, UK-FCDO’s partnership on Nigerian rural connectivity

The Secretary of the Universal Service Provision Fund (USPF)...

Police debunks alleged abduction of El-rufai ex-commissioner Jafau

By Achadu Gabriel, KadunaKaduna state police command has debunked...

Governor Yusuf Unveils Dangote’s 1Million Ramadan Food  Programme.

By Jabiru Hassan.   Kano State Governor, Alhaji Abba Kabir...
spot_img

Related Articles

Popular Categories

spot_imgspot_img