News
FCMB, Proparco Sign $35m Funding Deal for SMEs, Other Projects
First City Monument Bank (FCMB), has signed a $35 million loan and an EURIZ portfolio guarantee of N5 billion (EUR 10 million equivalent) deal with Proparco.
The credit line will fund renewable energy projects and Small and Medium Scale Enterprises (SMEs) affected by the Covid-19 pandemic.
Speaking at an agreement signing ceremony in Lagos on December 1, 2021, the Managing Director of FCMB, Mrs. Yemisi Edun, said: “Proparco’s financing and risk-sharing interventions align with our purpose, commitment and support to SMEs with high growth potential and the renewable energy sector.
“We are optimistic that this partnership will accelerate the development of industries critical to attaining sustainable and inclusive economic growth in Nigeria.
Also speaking, Mr. Jean Guyonnet-Duperat, the Country Director of Proparco, said: ”We are excited to partner with FCMB again in our commitment to promote sustainable economic, social and environmental development.
“Through our collaboration with FCMB and its wide network, we are optimistic about making more impact in facilitating the growth of local economic players to overcome the challenges of the COVID-19 crisis. Furthermore, this boosts the private sector contribution towards the achievement of Sustainable Development Goals.”
On her part, the Minister Counsellor/Head of Co-operation, European Union, Ms Celine Tassin-Pelzer, stated that: ”The European Union recognises the importance of SMEs, particularly women-owned ones, to the growth of societies.
“We will continue to offer support in critical sectors to create opportunities for individuals and businesses to thrive and overcome their challenges. We are proud to support the laudable activities of FCMB to achieve these objectives”.
FCMB Group Plc, led by Mr Ladi Balogun, the Group Chief Executive, is a purpose beyond profit business. First City Monument Bank and its subsidiaries are committed to creating financial products and services that solve social problems at scale.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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