By Dickson Pat
First City Monument Bank has signed three key agreements to support Nigeria’s financing activities for high-impact small and medium-scale enterprises and women-led businesses with Proparco.
The agreements, signed on January 20, 2025, include a $35m senior credit line and two guarantees ARIZ ,€3m , and EURIZ ,€6m, facilitated by the European Union under its EFSD programme.
These transactions aim to strengthen First City Monument Bank’s position as a leading bank for SMEs while expanding its footprint in impact-driven financing.
According to the FCMB, the funding will focus on sectors with significant growth potential, particularly agriculture ,90% and women-led businesses ,10% .
This latest collaboration builds on a partnership that began in 2014. Proparco has consistently supported FCMB’s efforts to empower SMEs and advance Nigeria’s economic development. FCMB focuses on SMEs and women-led businesses operating in high-impact sectors, including agriculture and renewable energy.
The financing will significantly contribute to achieving the Sustainable Development Goals ,SDGs, including SDG 2 ,Zero Hunger, by facilitating access to finance for companies producing essential food products like rice and cooking oil.
It will also enhance the capacity of SMEs to create jobs and drive economic progress, contributing to SDG 8 ,Decent Work and Economic Growth.
The partnership also emphasises gender equality by channelling funds into women-led enterprises, reflecting FCMB and Proparco’s shared vision of fostering inclusive growth.
Proparco’s commitment aligns with its 2023–2027 strategy, prioritising investments in sustainable and resilient economies. Through its partnership with FCMB, Proparco reaffirms its mandate to support financial institutions driving inclusive economic growth in emerging markets.
Djalal Khimdjee, Deputy Chief Executive Officer of Proparco, highlighted the partnership’s significance. “This partnership with FCMB demonstrates our commitment to supporting impactful financial institutions in emerging markets. Together with FCMB, we are enabling the growth of SMEs, advancing gender equality, and strengthening food security in Nigeria. This is a vital step in building a sustainable and resilient economy”.
