Post by Trade facilitator on Jul 22, 2021 12:47:47 GMT 1
Nigeria: African Development Bank (AfDB) Bolsters Women-Empowered Businesses With $50 million Loan To FCMB
The Board of Directors of the African Development Bank has approved a loan of $50 million to Nigeria’s First City Monument Bank (FCMB) to channel to local enterprises and women-empowered businesses in the agribusiness, manufacturing, healthcare and renewable energy sectors.
These women-empowered businesses must be in the following sectors:
Agricultural businesses
Manufacturing
Healthcare, and
Renewable energy
Thirty percent (30%) of the funds, which are intended to mitigate effects of the challenging Covid-19 environment, are earmarked for underserved women-empowered businesses.
Which are the underserved women-empowered businesses?
There are a lot of businesses that women participate in Nigeria but getting adequate finance to run such businesses successfully is a big problem in most parts of the country. I hope that the bank in charge of the management of this fund (FCMB) will do all it takes to get to the women that really need this loan.
In addition, the Bank will provide a technical assistance grant of $200,000 through its Affirmative Finance Action for Women in Africa (AFAWA) initiative supported by the Women Entrepreneurship Finance Initiative. The grant will complement the loan by enabling First City Monument Bank to provide non-financial services, including training, and to strengthen its monitoring and reporting functions.
Another beauty coming with loan is the grant of $200,000 for technical assistance that will enable First City Monument Bank (FCMB) to provide technical assistance in the area non-financial services; such as training and strengthening its monitoring and reporting functions.
“The African Development Bank is pleased to support FCMB’s strategy to become a dominant player in addressing the funding needs of women-empowered and local enterprises,” said Stefan Nalletamby, the African Development Bank’s Director of Financial Sector Development. “This project will extend valuable resources to critical but underserved segments during the ongoing Covid-19 pandemic, with its adverse macroeconomic impacts.”
Small- and medium-sized firms account for up to 80% of employment in most African countries and women-empowered businesses typically face a considerable financing gap. The Nigerian economy has been hard hit by the Covid-19 pandemic, and falling crude oil prices have had a ripple effect on the wider economy.
FCMB is a Nigerian commercial bank with around 5 million customers. It had total assets of around $5 billion as at the end of 2020.
The project aligns with the objectives of AFAWA, which aims to improve gender inclusivity by improving access to finance for women entrepreneurs. The project also advances the Bank’s Ten-Year Strategy and is consistent with three of its High-5 strategic priorities: Industrialize Africa, Feed Africa, and Improve the Quality of Life for the People of Africa. It also aligns with the Nigeria Country Strategy Paper 2020-2024.
This is an Affirmative Finance Action for Women in Africa (AFAWA) initiative supported by the Women Entrepreneurship Finance Initiative with the aim of improving gender inclusivity in Africa by improving access to finance for women entrepreneurs.
This project is in line with the bank’s three of its High-5 strategic priorities:
Industrialize Africa
Feed Africa, and
Improve the quality of life for the people of Africa
And also aligns with Nigeria’s country strategic paper 2020-2024
The African Development Bank is an implementing partner of the Women Entrepreneurs Finance Initiative, a groundbreaking partnership housed in the World Bank Group that aims to unlock financing for women-led businesses in developing countries.
We of this forum are advising our women entrepreneurs to please try and take advantage of this loan; if you do not have a previous business relationship with FCMB; make an effort to visit the bank and make enquiries to get more knowledge or information about the loan.
There is an adage that says “there is no harm in trial”, and we believe in it. Some people are also afraid of receiving no as an answer; but what is no? No simply means nothing. If you ask for something and you get no as reply, it does not remove anything from your previous position.
Give it a trial, and do not forget that you can only make good success with your loans when you make use of it judiciously. We are here to give you the necessary training and support you need to succeed.
Stay with us.
The Board of Directors of the African Development Bank has approved a loan of $50 million to Nigeria’s First City Monument Bank (FCMB) to channel to local enterprises and women-empowered businesses in the agribusiness, manufacturing, healthcare and renewable energy sectors.
These women-empowered businesses must be in the following sectors:
Agricultural businesses
Manufacturing
Healthcare, and
Renewable energy
Thirty percent (30%) of the funds, which are intended to mitigate effects of the challenging Covid-19 environment, are earmarked for underserved women-empowered businesses.
Which are the underserved women-empowered businesses?
There are a lot of businesses that women participate in Nigeria but getting adequate finance to run such businesses successfully is a big problem in most parts of the country. I hope that the bank in charge of the management of this fund (FCMB) will do all it takes to get to the women that really need this loan.
In addition, the Bank will provide a technical assistance grant of $200,000 through its Affirmative Finance Action for Women in Africa (AFAWA) initiative supported by the Women Entrepreneurship Finance Initiative. The grant will complement the loan by enabling First City Monument Bank to provide non-financial services, including training, and to strengthen its monitoring and reporting functions.
Another beauty coming with loan is the grant of $200,000 for technical assistance that will enable First City Monument Bank (FCMB) to provide technical assistance in the area non-financial services; such as training and strengthening its monitoring and reporting functions.
“The African Development Bank is pleased to support FCMB’s strategy to become a dominant player in addressing the funding needs of women-empowered and local enterprises,” said Stefan Nalletamby, the African Development Bank’s Director of Financial Sector Development. “This project will extend valuable resources to critical but underserved segments during the ongoing Covid-19 pandemic, with its adverse macroeconomic impacts.”
Small- and medium-sized firms account for up to 80% of employment in most African countries and women-empowered businesses typically face a considerable financing gap. The Nigerian economy has been hard hit by the Covid-19 pandemic, and falling crude oil prices have had a ripple effect on the wider economy.
FCMB is a Nigerian commercial bank with around 5 million customers. It had total assets of around $5 billion as at the end of 2020.
The project aligns with the objectives of AFAWA, which aims to improve gender inclusivity by improving access to finance for women entrepreneurs. The project also advances the Bank’s Ten-Year Strategy and is consistent with three of its High-5 strategic priorities: Industrialize Africa, Feed Africa, and Improve the Quality of Life for the People of Africa. It also aligns with the Nigeria Country Strategy Paper 2020-2024.
This is an Affirmative Finance Action for Women in Africa (AFAWA) initiative supported by the Women Entrepreneurship Finance Initiative with the aim of improving gender inclusivity in Africa by improving access to finance for women entrepreneurs.
This project is in line with the bank’s three of its High-5 strategic priorities:
Industrialize Africa
Feed Africa, and
Improve the quality of life for the people of Africa
And also aligns with Nigeria’s country strategic paper 2020-2024
The African Development Bank is an implementing partner of the Women Entrepreneurs Finance Initiative, a groundbreaking partnership housed in the World Bank Group that aims to unlock financing for women-led businesses in developing countries.
We of this forum are advising our women entrepreneurs to please try and take advantage of this loan; if you do not have a previous business relationship with FCMB; make an effort to visit the bank and make enquiries to get more knowledge or information about the loan.
There is an adage that says “there is no harm in trial”, and we believe in it. Some people are also afraid of receiving no as an answer; but what is no? No simply means nothing. If you ask for something and you get no as reply, it does not remove anything from your previous position.
Give it a trial, and do not forget that you can only make good success with your loans when you make use of it judiciously. We are here to give you the necessary training and support you need to succeed.
Stay with us.
