First City Monument Bank, FCMB, one of the fast consolidating and Customers friendly financial institution in Nigeria have secured a $50,000,000 facility from the International Finance Corporation, a member of the World Bank Group to enable it expand lending to Small and Medium Enterprises, SMEs to boost their businesses.
The bank in a release said the loan secured through IFC’s COVID-19 fast track financing support parkage is not only to enable SMEs ,sustain businesses destrupted by the COVID-19 pandemic, but that it also reflects IFC’s commitment to ‘Nigeria’s’ private sector following the severe challenges brought by the health and economic crisis.
It said the funds will also allow FCMB to support hundreds of business with trade financing and working Capital Loans, adding that IFC’s portfolio in Nigeria stands at $1.3billion in sectors, including manufacturing, financial services, infrastructure and technology.
Speaking about the loan,FCMB’s Chief Operating Officer, Mr Adam Nuru stated: “IFCs 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, pharnaceuticals, food and trading industries.
Contributing, IFC’s Country Manager for Nigeria, Eme Essien Lore said: ‘Supporting financial institution 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, adding that though Nigeria has a strong and dynamic sector, it needs liguidity now to ensure it remains viable during and after COVID-19 crisis.
FCMB said that the laudable IFC’s $8billion global COVID-19 fast track facility was launched in March, 2020 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