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Nigerian SMEs to benefit from European Investment Bank’s €100 million credit facility to Africa

Nigerian SMEs to benefit from European Investment Bank’s €100 million credit facility to Africa

Nigerian Small and Medium Enterprises are part of business investments to benefit from the European Investment Bank (EIB) €100 million credit facility in Africa secured by Ecobank. Information Guide Nigeria

According to PEOPLES GAZETTE, this is coming after EIB has listed West Africa as part of the regions to benefit from the credit facility.

The Credit Facility aims to support business investments most hit by the COVID-19 pandemic.

Ecobank announced through a statement on Thursday that the facility will be shared among the West, Central, East, and South Africa region through Ecobank and its affiliates for investment projects undertaken by private sector companies.

“The facility is split into three regional facilities: West & Central Africa, Eastern Africa, and Southern Africa. Funding will be provided through Ecobank affiliates, for investment projects undertaken by private sector companies”.

According to PEOPLES GAZETTE, the agreement which was reached when Ecobank Vice President, Ambroise Fayolle, and the CEO of the Agence Française de Développement, Koen Doens, visited Togo and will span over nine years.

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PEOPLES GAZETTE reports that the CEO of Ecobank Group, Ade Ayeyemi said: “This informed the credit facility that we have just secured from the EIB which we believe will deliver real impact in our joint mission to develop SMEs across Africa.

“The €100 million facility will support the recovery of African SMEs from the COVID-19 pandemic while also helping to provide them with the impetus to grasp the immense growth opportunities from the African Continental Free Trade Area vast single market.

“We thank the EIB for its focus and commitment to the continent,” Mr Adeyemi said.

Also speaking, Ecobank Vice President, Ambroise Fayolle said: “This latest cooperation with Ecobank Group will help companies to better tackle challenges triggered by the COVID-19 pandemic, unlock economic and social opportunities, especially for SMEs and women-owned and women-run enterprises, across Sub-Saharan Africa in the coming weeks”.

PEOPLES GAZETTE reports that EIB made the funds available through its COVID-19 Rapid Response Facility, for private sector entities active in eligible productive sectors, and with fewer than 3,000 employees.

EIB also added that the loan will be accompanied by technical assistance under the AWRI (African Women Rising Initiative) program of the EIB with gender finance-focused training and capacity building for lending to women entrepreneurs. Jamb Result

According to EIB, this is in line with the Ellevate by Ecobank initiative aimed at supporting women in businesses across the African continent.

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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