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The U.S. Agency for International Development (USAID) has established a partnership agreement with the First City Monument Bank (FCMB) to facilitate $10 million in new loans for enhancing Nigeria's healthcare industry and bolstering the private sector.
The USAID Mission Director, Melissa Jones, signed on behalf of the USAID, while the Managing Director of FCMB, Mrs. Yemisi Edun, signed for the bank, at their headquarters in Lagos, Nigeria.
Melissa Jones said:" “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, including micro and small and medium enterprises, in the health sector., and thereby stimulate economic growth,” said Mission Director Melissa Jones.
“In addition to supporting FCMB’s increased lending in the health sector, we are committed to working with FCMB to disburse loans to the agriculture and renewable energy sectors through our existing partnerships.”
Mrs. Yemisi Edun expressed appreciation for the DFC's commitment to improving local access to quality healthcare through this partnership.
She emphasized that the collaboration will help bridge the gap in healthcare financing, ultimately leading to increased access to better healthcare facilities for more Nigerians.
Mrs Edun also stated that FCMB is eager to work with healthcare providers and SMEs nationwide to contribute to a healthier and more productive future for Nigeria.
This partnership is intended to boost the following key areas:
Loans in the Healthcare Sector: Loans will be used to support businesses in the following areas: hospitals, health centres, clinics, diagnostic centres, pharmacies, maternal health facilities, procurement of medical equipment, and construction and renovation of health facilities.
Loans to SMEs: The bank’s focus will include financial support for working capital, equipment procurement, construction, and restructuring of commercial properties for small and medium-sized enterprises.
The agreement between USAID, the United States International Development Finance Corporation (DFC), and FCMB will result in a collaboration This partnership aims to support FCMB in expanding access to finance for underserved borrowers and MSMEs in the health sector in Nigeria, as well as micro, small, and medium-sized enterprises across the country.
