US, FCMB Partner On $10m Funding For Nigeria’s Health Sector

The United States(US) and First City Monument Bank (FCMB) have partnered to strengthen Nigeria’s prrivate health sector with $10million funding.

At a ceremony held at FCMB headquarters in Lagos, during the weekend, the U.S. Agency for International Development (USAID) Mission director, Melissa Jones 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 FCMB to facilitate $10 million in new loans. The new partnership will assist FCMB to expand access to finance for underserved borrowers, and Small and Medium Enterprises(SMEs) in the the health sector of the country.

Speaking on this development, the managing director/CEO, FCMB, Mrs Yemisi Edun commended the DFC for its commitment to improving local access to quality healthcare, adding that, 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,” she said.

On his part, the Mission director, Melissa Jones, said: “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..

“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.”

The Loans is expected to be used to support businesses in hospitals, health centres, clinics, diagnostic centres, pharmacies, maternal health facilities, procurement of medical equipment, construction and renovation of health facilities.

The bank’s focus will include financial support for working capital, equipment procurement, construction, and restructuring of commercial properties for small and medium sized enterprises.

In Nigeria, USAID supports humanitarian assistance, health systems strengthening, transparent and accountable governance, basic education, and a more market-led, trade-friendly economy.

The U.S. International Development Finance Corporation (DFC) is the U.S. Government’s development finance institution. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today.

A purpose beyond profit commercial banking institution, First City Monument Bank is a member of FCMB Group Plc, a financial services holding company led by Ladi Balogun as Group Chief Executive.