U. S., FCMB partner on $ 10m credit line for healthcare

THEUnited States Agency for International Development ( USAID), United States International Development Finance Corporation ( DFC) and First City Monument Bank ( FCMB) have signed an agreement to launch a $ 10 million credit facility aimed at increasing financial access for healthcare businesses and transforming the sector.

The alliance will foster $ 10 million in health sector loans, particularly benefiting micro, small and medium- sized enterprises ( SMES), underserved communities, women and youth.

During the signing event yesterday in Lagos, the USAID Mission Director, Melissa Jones, emphasised the critical role of this partnership in advancing the Nigerian government's efforts to achieve Universal Health Coverage and enhance the overall health outcomes for its population.

According to her, this collaboration comes at a pivotal time when Nigeria’s health sector is grappling with underinvestment and inefficiencies, ranking 187th out of 191 countries in terms of health system performance as per the World Health Organisation.

Jones explained that the initiative aims to address the financing void that micro, small and mediumsized healthcare enterprises face, which hampers their ability to expand, diversify, and effectively serve Nigeria’s burgeoning needs. According to her, the selected businesses, ranging from health facility operators to emergency health transport providers, will receive loans designed to bolster basic healthcare delivery across the nation. She said in addition to financing, USAID will extend technical assistance to FCMB, enhancing the bank’s capability to manage loan origination and monitoring for these critical sectors.

“Our goal is not only to provide financial resources but also to build a sustainable framework that increases the creditworthiness and operational capacity of these enterprises,” Jones explained.