Proparco fcmb sign agreement to support n245 msmes
It appears that Proparco, a French development finance institution, and FCMB (First City Monument Bank), a Nigerian commercial bank, have signed an agreement to support Nigerian Micro, Small, and Medium-Sized Enterprises (MSMEs).
Here are some key points about the agreement:
- Financing MSMEs: The agreement aims to provide financing to MSMEs in Nigeria, which are critical to the country's economic growth and development. MSMEs account for a significant proportion of Nigeria's GDP and employment.
- Proparco's support: Proparco, a subsidiary of Agence Française de Développement (AFD), will provide financing to FCMB, which will then on-lend to MSMEs in Nigeria. Proparco's support will help to address the financing gap faced by MSMEs in Nigeria.
- N245 billion: The agreement is worth N245 billion (approximately €600 million), which will be used to finance MSMEs in various sectors, including agriculture, manufacturing, and services.
- Job creation: The agreement is expected to create jobs and stimulate economic growth in Nigeria. MSMEs are known to be job creators, and this agreement will help to support their growth and development.
- FCMB's role: FCMB will play a key role in the agreement by providing financial services to MSMEs, including loan facilities, savings accounts, and other financial products. The bank will also provide technical assistance to MSMEs to help them improve their operations and competitiveness.
Overall, the agreement between Proparco and FCMB is a significant step towards supporting the growth and development of MSMEs in Nigeria, which is critical to the country's economic development.