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Tag: Adam Nuru

IFC supports Nigeria’s FCMB to empower SMEs cope with COVID-19 challenges

IFC supports Nigeria’s FCMB to empower SMEs cope with COVID-19 challenges

Business
International Finance Corporation (IFC), a member of the World Bank Group, today announced a $50 million loan to Nigeria’s First City Monument Bank (FCMB) Limited, to help it expand lending to small and medium enterprises (SMEs), to enable them sustain business activities disrupted by the COVID-19 pandemic. The loan, made through IFC’s COVID-19 fast-track financing support package, reflects IFC’s commitment to Nigeria’s private sector following the severe challenges brought by the health and economic crisis. The funds will allow FCMB to support hundreds of businesses with trade financing and working capital loans. FCMB’s Chief Executive, Adam Nuru, said: “IFC’s loan facility will allow us to keep credit flowing to SMEs as well as corporate companies across all sectors of Nigeria’s ec...