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AfDB, FSDH signs $20m deal to support small businesses

The African Development Bank (AfDB) has signed a $20 million trade finance facility with FSDH to support Small and Medium Enterprises (SMEs) in Nigeria.

This was revealed by Lamin Barrow, director-general of Nigeria Country Department at AfDB, during the signing ceremony on Thursday in Lagos State.

Barrow highlighted the pivotal role of trade in economic development, likening trade financing to its lubricant while explaining that the recently signed $20 million facility includes a $15 million Trade Finance Line of Credit dedicated to assisting eligible SMEs and corporates engaged in international trade value chains.

Read also: AfDB backs Ekiti’s digital innovation hub with $80m loan

“FSDH and the AfDB have enjoyed an enduring partnership in supporting SMEs and Nigerian Corporates engaged in trade and export value chains. In 2016, AfDB extended a $50 million Trade Finance Line of Credit to FSDH. This 3.5–year facility performed well,” he said.

Read also: AfDB’s $479m investment in ‘Abidjan-Lagos Corridor’ could power 75% of ECOWAS trade

He added that the bank has supported more than 370 transactions, catalysed $375 million of trade and benefitted 60 SMEs and Corporations in critical sectors including energy, agri-business, health and boosting intra-Africa trade.

He further highlighted AfDB’s support for more than 120 financial institutions across 30 African countries, resulting in the catalysis of over $10 billion in trade over the past decade.

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