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USAID partners with FCMB to boost Nigeria’s health sector and SMEs

New $10 million loan collaboration aims to expand access to finance, with a focus on healthcare and underserved borrowers.

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In a 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), reaffirmed the commitment of the U.S. government to bolster Nigeria’s health sector and enhance private sector resilience through a groundbreaking partnership agreement.

Under the terms of this agreement, USAID and the United States International Development Finance Corporation (DFC) will join forces with FCMB to facilitate $10 million in loans. This collaboration aims to empower FCMB to broaden access to finance for marginalized borrowers, particularly women and youth, as well as to bolster the health sector and support small and medium-sized enterprises (SMEs) across Nigeria.

FCMB’s Managing Director, Mrs Yemisi Edun, lauded the partnership, highlighting its potential to bridge the gap in healthcare financing and expand access to quality healthcare facilities for more Nigerians. She expressed FCMB’s readiness to collaborate with healthcare providers and SMEs nationwide to foster a healthier and more prosperous future for the nation.

Melissa Jones emphasized the United States government’s dedication to partnering with the financial sector to enhance access to credit, particularly for underserved demographics. She underscored the importance of such collaborations in stimulating economic growth and reiterated USAID’s commitment to extending loans to sectors beyond healthcare, including agriculture and renewable energy, through existing partnerships with FCMB.

The partnership is poised to address critical areas, including loans for the healthcare sector, which will support hospitals, clinics, diagnostic centers, and maternal health facilities, among others. Additionally, loans will be extended to SMEs across various sectors to bolster working capital, procure equipment, and support business expansion and development. Priority will be given to informal businesses, with a focus on those owned and operated by women and youth.

Through this collaborative effort, USAID, DFC, and FCMB aim to foster financial inclusion, promote economic resilience, and contribute to the overall development of Nigeria, particularly in vital sectors such as healthcare and SMEs.

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