Appolonia Adeyemi 
The United States Agency for International Development (USAID) and the United States International Development Finance Corporation (DFC) has collaborated with the First City Monument Bank (FCMB) to facilitate $10 million in loans.
This development was unvield at a ceremony held at the FCMB Headquarters in Lagos, where the USAID Mission Director, Melissa Jones affirmed the U.S. government’s commitment to strengthen Nigeria’s health sector and private sector resilience with the new partnership agreement.
The new partnership will assist FCMB to expand access to finance for underserved borrowers, women and youth, the health sector, and small and medium-sized enterprises throughout Nigeria.
“I commend the DFC for its commitment to improving local access to quality healthcare. This partnership will help close the gap in healthcare financing. This means more Nigerians will have access to better healthcare facilities.
“The FCMB welcomes the opportunity to collaborate with healthcare providers and small & medium enterprises nationwide to build a healthier, more productive future for our nation,” said FCMB Managing Director, Mrs Yemisi Edun.
“As demonstrated by this partnership, the United States government is eager to continue collaborating with the financial sector to improve access to credit for underserved borrowers, especially women and youth, and thereby stimulate economic growth,” said USAID Mission Director Melissa Jones.
“In addition to this health loan portfolio, we are committed to working with FCMB to disburse loans to the agriculture and renewable energy sectors through our existing partnerships.”
The partnership is intended to boost the
loans in the Healthcare Sector which will be used to support areas including: hospitals, health centers, clinics, diagnostic centers, pharmacies, maternal health facilities, procurement of medical equipment, construction and renovation of health facilities; the loans to Micro, small and medium enterprises (MSMEs).
The bank’s focus will include MSMEs from all sectors of the economy, financial support for working capital, equipment procurement, construction, and restructuring of commercial properties for business.
In addition, the project will provide loans to the Underserved Populations.
To this end, the bank will support informal businesses, with priority for businesses in the informal sector and businesses owned and operated by youth and women.
