IFC, FSDH partner on $35m credit for SMEs

“It will also help to reduce the trade finance gap in Nigeria by making financial resources available to small and medium-sized enterprises in the industrial sector. The GTFP will guarantee up to 100 per cent of non-payment risks arising from letters of credit and similar trade finance instruments issued by FSDH under the guarantee portion.

“This will allow confirmation of trade transactions originated by FSDH, benefiting local import and export businesses. Since the pandemic, Nigeria continues to suffer significant foreign exchange constraints in the economy, and this deal will help to further ameliorate FX liquidity in the market.” The Managing Director, FSDH Merchant Bank, Bukola Smith, said, “We are committed to our mission of empowering businesses and partnering with them to achieve sustainable success, the IFC facility brings us closer to the actualization of that mission.”All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Source: News Formal (newsformal.com)

Findings have shown that many such intervention funds fritter into individual accounts in Nigeria. We will be watching this and we call on the media industry to assist with investigation, research and reports.

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