- FCMB, Proparco sign funding deal for renewable energy to SMEs
First City Monument Bank (FCMB) and Proparco have signed a $35 million deal and a EURIZ portfolio guarantee of ₦5 billion(EUR 10 million). The credit line will fund renewable energy deployment to small and medium enterprises affected by the Covid-19 pandemic.
Speaking at the MoU signing ceremony in Lagos last Wednesday, the managing director of FCMB, Yemisi Edun, stated that Proparco’s financing and risk-sharing interventions align with the bank’s purpose, commitment, and support 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.” Yemisi further stated.
“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.”