The United States government, through its aid agency USAID, announced a new partnership with Nigeria’s First City Monument Bank (FCMB) aimed at strengthening the country’s healthcare sector and private businesses.
The announcement came during a ceremony held at FCMB’s headquarters in Lagos. USAID Mission Director Melissa Jones addressed the gathering, highlighting the US commitment to supporting Nigeria’s development.
The core of the partnership involves a $10 million facility. USAID and its development finance arm, the DFC, will collaborate with FCMB to channel these funds into new loan opportunities.
The loans will specifically target underserved borrowers, including micro, small and medium-sized enterprises (MSMEs) operating within the healthcare sector. Additionally, the program aims to expand access to finance for underserved borrowers across other sectors throughout Nigeria.
“I commend the DFC for its commitment to improving local access to quality healthcare. This partnership will help close the gap in healthcare financing. This means more Nigerians will have access to better healthcare facilities. First City Monument Bank welcomes the opportunity to collaborate with healthcare providers and SMEs nationwide to build a healthier, more productive future for our nation,” said FCMB Managing Director, Mrs Yemisi Edun.
“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 work with FCMB to disburse loans to the agriculture and renewable energy sectors through our existing partnerships.”
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, 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.
For more information contact the Development Outreach and Communications Team at Abujadoc@usaid.gov
