First City Monument Bank (FCMB) has offered a N3 billion credit line to the Association of Waste Managers of Nigeria (AWAMN) in Lagos State.
According to a statement, the credit line, facilitated by the Lagos State Waste Management Agency (LAWMA), will boost the working capital of Private Sector Participants (PSPs) in waste collection, aggregation and recycling.
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It will empower them to purchase modern equipment such as trucks and upskill their human resources for smooth and efficient waste management.
Commenting on the initiative, the Managing Director of FCMB, Mrs Yemisi Edun said, “we are excited to provide loans to AWAMN members, with the support of LAWMA, to upscale their operations in order to safeguard the Lagos environment.
“FCMB recognises that a cleaner and more sustainable environment is key to building a better world for present and future generations.”
The Head, Lagos FCMB, Mr Adelaja Adeleye, said, “We are bridging the financing gap in the waste management ecosystem in Lagos with this N3bn intervention fund. We are optimistic that it will improve the city’s waste management process, starting from collection, transportation and treatment to disposal.”
President of AWAMN, Mr David Oriyomi, said the credit line from FCMB will benefit operators and the state at large because waste managers can now access funds at a minimum interest rate.
“With improved access to funding, there will be more trucks in the system and service delivery will be greatly enhanced. No matter how small the income or expected income, every member of AWAMN would have access to this credit facility,” he said.
Since 2016, the bank has consistently supported Lagos in its Cleaner Lagos Project to achieve a cleaner environment.
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.