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AfDB Approves $25m Credit Line for FSDH Merchant Bank

by Bukola Idowu
3 years ago
in Business
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The board of directors of the African Development Bank Group (AfDB) has approved a $15 million trade finance line of credit and $10 millionĀ  transaction guarantee for FSDH Merchant Bank.

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The AfDB Nigeria country department made this known in a statement by Chukwuemeka Ezekiel, yesterday.

According to the statement, FSDH will use the line of credit to provide loans to local enterprises in Nigeria.

The $25 million package would help to reduce the trade finance gap in Nigeria by making financial resources available to small and medium-sized enterprises (SMEs) in the industrial sector.

The bank’s director general for Nigeria, Lamin Barrow said the availability of trade finance instruments to drive post-pandemic economic recovery efforts could not be overemphasised.

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ā€œHence, the bank’s financing will help eligible Nigerian SMEs to take advantage of existing and emerging opportunities in the domestic and regional markets,ā€ he said.

Barrow said the COVID-19 pandemic and other factors had led global banks to reduce their correspondent banking relationships in Africa or to exit completely.

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Furthermore, the AfDB’s director for Financial Sector Development, Stefan Nalletamby said the bank was excited about finalising the facility with FSDH.

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ā€œWe are excited about finalising this facility with FSDH as having the bank as a partner will aid FSDH in scaling up its trade finance offerings in Nigeria to help meet the ever-increasing trade finance gap.

 


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