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USAID, DFC, and FCMB Partner to Boost Health Sector and SMEs in Nigeria

In a recent ceremony held at the First City Monument Bank (FCMB) Headquarters in Lagos, Nigeria, Melissa Jones, the Mission Director of the U.S. Agency for International Development (USAID), affirmed the U.S. government’s dedication to enhancing Nigeria’s health sector and private sector resilience through a new partnership agreement.

The agreement entails collaboration between USAID, the United States International Development Finance Corporation (DFC), and FCMB to facilitate $10 million in new loans. These loans will aid FCMB in extending financial access to underserved borrowers and Micro, Small, and Medium-sized Enterprises (MSMEs) in the health sector and across Nigeria.

Yemisi Edun, the Managing Director of FCMB, expressed enthusiasm about the partnership’s potential impact. “This partnership will help close the gap in healthcare financing, ensuring more Nigerians have access to better healthcare facilities,” she stated.

 

Key areas targeted for improvement through this partnership include:

  • Healthcare Sector Loans: Loans will support businesses such as hospitals, clinics, pharmacies, and procurement of medical equipment, aiming to enhance healthcare facilities and services.
  • SME Loans: FCMB will provide financial support for small and medium-sized enterprises, including working capital, equipment procurement, and commercial property restructuring.

The partnership aligns with USAID’s mission to support humanitarian assistance, health systems strengthening, governance transparency, basic education, and economic development in Nigeria.

The U.S. International Development Finance Corporation (DFC), as the U.S. Government’s development finance institution, collaborates with the private sector to address critical challenges in developing countries across various sectors, including healthcare and small business development.

FCMB, a commercial banking institution within the FCMB Group Plc, led by Group Chief Executive Ladi Balogun, aims to foster inclusive and sustainable growth within its communities. The bank is committed to building a supportive ecosystem that connects people, capital, and markets across Africa.

For further information, interested parties can contact the Development Outreach and Communications Team at Abujadoc@usaid.gov.

  • For more information about USAID and its programs, visit www.usaid.gov/nigeria, and follow @USAIDNigeria on Facebook and Twitter.
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