First City Monument Bank (FCMB) and Proparco have signed a $35 million (N14.5billion) loan and a EURIZ portfolio guarantee of N5 billion (EUR 10 million equivalent) deal.
According to FCMB, the credit line will fund renewable energy projects and Small and Medium Scale Enterprises (SMEs) affected by the COVID-19 pandemic.
The bank’s Managing Director, Mrs Yemisi Edun, in a statement, said, “Proparco’s financing and risk-sharing interventions align with the bank’s 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.”
Proparco’s Country Director, Mr. Jean Guyonnet-Duperat, on his part, noted, “ 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.”