The Africa Development Bank has extended over fifteen billion naira facility to Fidelity Bank Plc for the growth of Micro Small and Medium Enterprises (MSMEs). The facility is designed to boost the bank’s capacity to promote the growth of the MSMEs segment of the economy.
At the agreement-signing yesterday in Abuja, it was revealed that the facility will be dedicated to financing the MSMEs and a minimum of thirty per cent of the entire financial package will be devoted to wholly women-owned enterprises.
The Senior Director and Country Representative of Africa Development Bank, Ebrima Faal, who signed on behalf of the multilateral institution, said the Bank is excited with Fidelity Bank’s partnership.
Ebirima urged the bank to ensure that the requirement for loan disbursement is okay to enable it reach out to the target audience.