First City Monument Bank (FCMB) and the United States Agency for International Development (USAID) are collaborating to boost Nigeria’s health sector by pooling a $10 million loan to strengthen players in the ecosystem.
To this end, the USAID Mission Director, Melissa Jones, was at the headquarters of FCMB at the weekend to conclude the deal. She affirmed the U.S. government’s commitment to strengthen Nigeria’s health sector and private sector resilience with a new partnership agreement.
Under the terms of the agreement, USAID and the United States International Development Finance Corporation (DFC) will collaborate with FCMB to facilitate $10 million in new loans. The new partnership will assist FCMB to expand access to finance for underserved borrowers, and SMEs in the health sector and small and medium-sized enterprises throughout Nigeria.
FCMB Managing Director, Mrs Yemisi Edun, said: “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.”
On her part, Jones said: “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 small and medium enterprises in the health sector, and thereby stimulate economic growth. 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.
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.