First City Monument Bank Limited has announced the signing of a $35m funding deal and a N5bn EURIZ portfolio guarantee with Proparco, a European development finance institution.
The bank said in a statement on Monday that the credit line would be used to fund renewable energy projects and Small and Medium-scale Enterprises affected by the COVID-19 pandemic.
The Managing Director, FCMB, Yemisi Edun, said, “Proparco’s financing and risk-sharing interventions align with our purpose, commitment and support to SMEs with high growth potential and the renewable energy sector.
“We are optimistic that this partnership will accelerate the development of industries critical to attaining sustainable and inclusive economic growth in Nigeria.”
The Country Director, Proparco, Jean Guyonnet-Duperat, expressed his excitement at the partnership, saying the agency was committed to promoting sustainable economic, social and environmental development, according to the statement.
He was quoted as saying, “Through our collaboration with FCMB and its wide network, we are optimistic about making more impact in facilitating the growth of local economic players to overcome the challenges of the COVID-19 crisis.
“Furthermore, this boosts the private sector contribution towards the achievement of Sustainable Development Goals.”
Proparco is the private sector financing arm of Agence Française de Développement Group.
According to the statement, it has promoted sustainable economic, social, and environmental development for over 40 years, providing funding and support to businesses and financial institutions in Africa, Asia, Latin America, and the Middle East.
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