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Nigeria’s Private Health Sector Will Be Strengthened Through Partnership Between The US Government And First City Monument Bank (FCMB)

May 14, 2024 | Health | 0 comments

In a landmark event at the First City Monument Bank (FCMB) Headquarters in Lagos, Nigeria, Mrs. Yemisi Edun, the Managing Director of FCMB, and Melissa Jones, the Mission Director of the United States Agency for International Development (USAID), joined hands to formalize a significant partnership. This collaboration, sealed with a signing ceremony on Wednesday, May 8, 2024, aims to inject $10 million in fresh loans into the economy, targeting underserved borrowers, Micro, Small, and Medium Enterprises (MSMEs) in the health sector, and informal businesses across various sectors.

The agreement underscores the commitment of both FCMB and USAID to bolstering Nigeria’s health sector and enhancing private sector resilience. Under the terms, USAID, in collaboration with the United States International Development Finance Corporation (DFC), will work hand in hand with FCMB to facilitate the disbursement of these funds. This infusion of capital will not only expand financial access for marginalized borrowers but also support the growth and sustainability of businesses in the health sector and MSMEs throughout Nigeria.

Mrs. Yemisi Edun, expressing her enthusiasm for the partnership, emphasized FCMB’s dedication to advancing healthcare financing and fostering a healthier populace. She highlighted the opportunity to collaborate with healthcare providers and SMEs nationwide, envisioning a future of enhanced healthcare facilities and productivity for Nigeria.

Melissa Jones echoed this sentiment, affirming the United States government’s commitment to fostering economic growth through increased access to credit, particularly in vital sectors like healthcare. She outlined plans to extend support beyond the health sector, facilitating loans for agriculture and renewable energy initiatives in collaboration with FCMB.

The signing ceremony, attended by key figures from FCMB, USAID, and DFC, symbolized a united effort towards economic empowerment and inclusive growth. Notable attendees included Mrs. Olubunmi Smith, Mr. George Ogbonnaya, Christina Cairns, and Michelle Patrick-Akinrinade, among others.

This partnership aims to address critical areas such as healthcare infrastructure, medical equipment procurement, and support for SMEs in various capacities including working capital and property development.

For further inquiries, interested parties can reach out to the Development Outreach and Communications Team at Abujadoc@usaid.gov.

About USAID: USAID spearheads international development and humanitarian initiatives, striving to alleviate poverty, enhance governance, and foster sustainable progress globally. In Nigeria, USAID’s efforts encompass diverse fields such as healthcare, governance, education, and economic development.

About DFC: The U.S. International Development Finance Corporation (DFC) collaborates with the private sector to finance solutions to pressing global challenges. With investments spanning energy, healthcare, infrastructure, and agriculture, DFC upholds rigorous standards and values, prioritizing environmental and social responsibility.

About First City Monument Bank (FCMB): As a purpose-driven commercial banking institution and a member of FCMB Group Plc, FCMB is committed to catalyzing inclusive and sustainable growth within its communities. Led by Group Chief Executive Ladi Balogun, FCMB aims to create a supportive ecosystem that connects people, capital, and markets, thereby fostering economic empowerment across Africa.

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