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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