USAID partners FCMB to strengthen Nigeria’s private health sector

…to facilitate $10m in new loans

MELISSA Jones, Mission Director, U.S. Agency for International Development (USAID) during a ceremony held at the First City Monument Bank (FCMB) Headquarters in Lagos, Nigeria 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 in Nigeria, the health sector, and small and medium-sized enterprises throughout Nigeria.

“I commend the DFC for its commitment to improving local access to quality healthcare. 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,” said Yemisi Edun, Managing Director, FCMB.

“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,” said Melissa Jones, Mission Director, USAID.

“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.”