CHRIS FARM NIGERIA

$15.35b Loan For Startup/Existing MSMEs In Nigeria 

$15.35b Loan For Startup/Existing MSMEs In Nigeria is currently on going for collection. As a matter of facts, this is through AfDB and Fidelity Bank. Furthermore, the African Development Bank (AfDB) has extended a $50 million (about N15.35 billion) facility to Fidelity Bank Plc for the growth of Micro Small and Medium Enterprises (MSMEs).Likewise, the facility is designed to boost the bank’s capacity to promote the growth of the MSMEs segment of the economy. At the agreement-signing yesterday in Abuja, it was revealed that the facility will be dedicated to financing the MSMEs and a minimum of 30 per cent of the entire financial package “will be devoted to wholly women-owned enterprises.” AfDB Senior Director/Country Representative Ebrima Faal, who signed on behalf of the multilateral institution, said the AfDB was excited with Fidelity Bank’s partnership.