Fidelity Bank Gets AfDB’s $50M Facility For SMEs Empowerment
The money which will also support women-owned enterprises in selected transformative sectors, including close to a hundred SMEs in manufacturing, health and education was approved by the AfDB board on 10 October 2018 to financing micro, small and medium sized enterprises (MSMEs), with a minimum of 30 percent going to women-owned enterprises.
According to AfDB, SMEs account for 30 per cent of Fidelity Bank’s loan portfolio and the choice of the tier 2 Nigerian bank for this seven-year credit facility (with a grace period of two years) is based on its strong niche presence in the SME and mid-sized corporate space.
It is also in recognition of the bank’s credit management and strong track record with the African Development Bank.
“Fidelity Bank is a niche player, focused on the SME space and this US$50 million credit line will contribute to strengthening its presence in its key market segments,” said Ebrima Faal, Senior Director, Nigeria Country Office at the African Development Bank.
The line of credit to the Nigerian financial institution is consistent with the Bank’s Ten-Year Strategy (2013–2022). It also aligns with two of its High 5 priorities – Industrialize Africa and Improve the quality of life for the people of Africa.
Comments are closed.