Central Bank of Nigeria has disbursed N97.4billion out of the N100billion credit intervention for the healthcare industry.
The CBN disclosed this in the communique issued after the Monetary Policy Committee meeting.
It said the intervention was introduced as part of its measures to cushion the impact of the coronavirus pandemic on the economy.
The CBN said N232.5million had been disbursed to five beneficiaries under the CBN Health Care Grant for Research on COVID-19 and Lassa fever.
The apex bank had earlier stipulated the requirements for accessing the funds. To access the loans, a corporate entity must submit its application to a participating financial institution, which could be either a deposit money bank or a development finance institution of its choice with a bankable business plan, according to the guidelines.
It said the PFI must appraise and conduct due diligence on the application, adding that upon approval by the PFI’s credit committee, the application would be submitted to the apex bank with relevant documents attached. The CBN would process and disburse funds to the PFI for onward release to the project.