FCMB, Proparco sign N14.5bn deal for SMEs

First City Monument Bank (FCMB), has signed a $35 million (N14.5billion) loan and a EURIZ portfolio guarantee of N5 billion (EUR 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 pandemic.

 A release by the bank stated that the Managing Director of FCMB, Mrs. Yemisi Edun, said: “Proparco’s financing and risk-sharing interventions align with the banks  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,” She added.

 The Country Director of Proparco, Mr. Jean Guyonnet-Duperat said: “ 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.”

A purpose beyond profit commercial banking institution, First City Monument Bank is a member of FCMB Group Plc, led by Ladi Balogun as Group Chief Executive.