International records / African Development Bank

Nigeria - Countercyclical support to women empowered businesses and local enterprises in key economic sectors in Nigeria - FCMB - Project Summary Note

The proposal is for a countercyclical intervention in the challenging COVID-19 environment to support access to finance for women empowered businesses and local enterprises involved in key sectors of agribusiness, manufacturing, healthcare and renewable energy through a thematic Line of Credit (LoC) to First City Monument Bank Limited “FCMB”, Nigeria. Through this targeted facility, FCMB will channel up to thirty per cent of the loan proceeds to women empowered businesses in alignment with the ‘2X challenge financing women criteria’ which has been adopted by the Bank’s AFAWA Program and the G7…