Business

FCMB, Proparco sign $35m deal for SMEs, renewable energy

Nigeria’s leading lender, First City Monument Bank (FCMB), has signed a $35 million loan and an EURIZ portfolio guarantee of N5 billion (€10 million equivalent) deal with Proparco. The credit line will fund renewable energy projects and Small and Medium Scale Enterprises (SMEs) affected by the Covid-19. Speaking at an agreement signing ceremony in Lagos, the Managing Director of FCMB, Mrs. Yemisi Edun, said: “Proparco’s financing and risksharing interventions align with our purpose, commitment and support to SMEs with high growth potential and the renewable energy sector. “We are optimistic that this partnership will accelerate the development of industries critical to attaining sustainable and inclusive economic growth in Nigeria.” Also speaking, the Country Director of Proparco, Mr. Jean Guyonnet-Duperat, said: “We are excited to partner with FCMB again in our commitment to promote sustainable economic, social and environmental development. Through our collaboration with FCMB and its wide network, we are optimistic about making more impact in facilitating the growth of local economic players to overcome the challenges of the COVID- 19 crisis. Furthermore, this boosts the private sector contribution towards the achievement of Sustainable Development Goals.”

On her part, the Minister Counsellor/ Head of Co-operation, European Union, Ms Celine Tassin-Pelzer, stated that “the European Union recognises the importance of SMEs, particularly women-owned ones, to the growth of societies. We will continue to offer support in critical sectors to create opportunities for individuals and businesses to thrive and overcome their challenges.

We are proud to support the laudable activities of FCMB to achieve these objectives”. FCMB Group Plc, led by the Group Chief Executive, Mr Ladi Balogun, is a purpose beyond profit business. First City Monument Bank and its subsidiaries are committed to creating financial products and services that solve social problems at scale. Proparco is the private sector financing arm of Agence Française de Développement Group (AFD Group). It has promoted sustainable economic, social, and environmental development for over 40 years. Proparco provides funding and support to businesses and financial institutions in Africa, Asia, Latin America, and the Middle East. FCMB won nine national and international awards and recognitions across various SME segments this year. In August, the bank was named the “Best SME Bank in Africa” and “Best SME Bank in Nigeria” at the Asian Banker Middle East and Africa Regional Awards for the second consecutive year. It subsequently received global commendation and honourable mentions and certificates in two prestigious award categories – “SME Financier of the Year” and “Best Bank for Women Entrepreneurs” – at the Global SME Finance Summit and Awards 2021 organised by the International Finance Corporation (IFC), a member of the World Bank Group.

 

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