" ITREALMS: World Bank boosts Nigeria’s MSMEs with N99.5b

Friday, April 24, 2015

World Bank boosts Nigeria’s MSMEs with N99.5b

The World Bank Group has given a boost of $500 million, about N99.5 billion to finance Micro, Medium and Small-Scale Enterprises (MSME) in agriculture, trade, light-manufacturing, services, and other areas, reports ITRealms

The project ITRealms gathered, is an International Bank for Reconstruction and Development (IBRD) credit to fund the development finance projects to facilitate increased access and availability of financing for MSME.

World Bank Country Director for Nigeria, Marie Francoise Marie-Nelly, affirmed to ITRealms that the project is fully in line with the priorities set out in the new Country Partnership Strategy which calls for focusing on increasing access to finance, including long-term financing for key sectors such as housing, SMEs, agriculture, and infrastructure, through various mechanisms involving both private sector and public sector partnerships.

ITRealms further learnt that the development finance project provides a stable and predictable funding source through the establishment of a Development Finance Institution (DFI). The DFI will provide funding to eligible financial institutions to finance long-term lending to MSMEs, as well as funding to Micro-Finance Banks for on-lending and to expand their outreach.

The proposed operation ITRealms gathered, addresses the provision of finance, including long-term finance, through eligible Participating Financial Institutions to expand outreach to urban and rural Micro, Small and Medium Enterprise

The project is a joint effort between the World Bank Group, African Development Bank (AfDB), the German Development Bank, French Agency for Development, and the UK’s Department for International Development, the information made available to ITRealms further revealed.

Cyriacus Nnaji/ GEE
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