AfDB, Fidelity Bank to fund MSMEs with $50m

The African Development Bank and Fidelity Bank Plc have signed a $50m financing agreement aimed at the funding and promoting the growth of Micro, Small and Medium Enterprises in the country.

At the signing of the agreement in Abuja on Tuesday, AfDB disclosed that the board of the development finance institution had approved the fund on October 10, 2018, to boost the development of small businesses in Nigeria.

It also disclosed that at least 30 per cent of the fund must go into promoting businesses that were owned and ran by women entrepreneurs.

Senior Director/Country Representative at AfDB, Ebrima Faal, signed the agreement on behalf of the DFI while Deputy Managing Director of Fidelity Bank, Mohammed Balarabe, signed for the commercial bank.