The African Development Bank (AfDB) has offered lines of credit to two Nigerian institutions, worth US$700million, with the aim of supporting the modernisation and expansion of export-oriented small and medium enterprises (SMEs), according to a recent statement.
First City Monument Bank Plc (FCMB) has secured a US$20 million, three-year term loan from Citigroup Global Markets Limited (Citi), to support SMEs customers of FCMB.
The International Finance Corporation (IFC) and the Africa Capitalization Fund, a private equity fund managed by IFC Asset Management Company, a wholly owned subsidiary of IFC, have agreed to provide USD70 million in convertible loans to Nigeria s Diamond Bank.
The president of the Finance Houses Association of Nigeria (FHAN) has called for the need to broaden the funding of finance houses by authorising them to mobilise savings and idle funds from the public through fixed and savings deposit schemes.
The World Bank has urged Nigeria s Federal Government to continue to take steps to improve the lending environment for SMEs to fast track the development of the economy.