Nigeria’s First City Monument Bank has gotten a $50 Million loan from IFC, a member of the World Bank Group.
The loan will enable the bank continue lending to SMEs to help them restart operations affected by the Coronavirus.
In March , the World Bank launched the $8 Billion Credit Facility enabling support to companies impacted by Covid-19. The IFC Covid-19 Fast Track Financing will support companies eligible.
” IFC’s loan facility will allow us to keep credit flowing to SMEs as well as corporate companies across all sectors of Nigeria’s economy, including the health, pharmaceutical, food and trading industries”, Chief Executive, Adam Nuri said.
IFC Country Manger for Nigeria, Eme Essien Lore Said, “Supporting financial institutions like FCMB is vital to keeping smaller businesses solvent, saving jobs, and limiting economic damage in the face of a challenge as formidable as COVID-19. Although Nigeria has a strong and dynamic private sector, it needs liquidity now to ensure it remains viable during and after COVID-19”.
FCMB announced last month it will restructure half of its loans after the pandemic took a hit to its corporate clients and impairment charges as it surged 61% to N3.7 Billion the first quarter.