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FCMB says it has provided ₦20.9 billion to support renewable energy and energy-efficient projects in Nigeria.
- The bank plans to finance 10,000 new solar-powered electricity connections by the end of the year.
- The Bank plans to roll out a consumer financing scheme for households.
First City Monument Bank (FCMB) has said it had completed credit enhancement agreements worth ₦20.9 billion (about $50.9 million) to support renewable energy and energy-efficient projects in Nigeria. The bank added that it is set to finance projects that would deliver over 10,000 new solar-powered electricity connections to households and businesses across the country by the end of 2021.
The bank is also part of a World Bank/Rural Electrification Agency (REA) programme where developers can access loans of up to 70% of total project cost without collateral.
FCMB also plans to roll out a consumer financing scheme to provide loans to households to acquire solar home systems. This scheme will follow the successful pilot it introduced for its employees earlier.