business
FCMB’s $35M Investment in Agriculture and Women-Led Businesses
First City Monument Bank (FCMB) has committed $35 million to support agriculture and women-led businesses.
On January 20, 2025, the bank signed three significant agreements with Proparco to aid high-impact small and medium-sized enterprises (SMEs) and women-led ventures.
The agreements include a $35 million senior credit line, along with ARIZ (€3 million) and EURIZ (€6 million) guarantees, facilitated by the European Union’s EFSD program.
The funds will primarily target sectors with high growth potential, with 90% allocated to agriculture and 10% to women-led businesses.
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This initiative aligns with key programs like the International Food and Agriculture Resilience Mission (FARM3) and CHOOSE AFRICA, aiming to position FCMB as a leading bank for SMEs and expand its impact-driven financing footprint.
Djalal Khimdjee, Deputy CEO of Proparco, emphasized the partnership’s importance: “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.”
The financing is expected to significantly contribute to the Sustainable Development Goals (SDGs), particularly SDG 2 (Zero Hunger) and SDG 8 (Decent Work and Economic Growth), by providing financial access to companies producing essential food products and enhancing SMEs’ capacity to create jobs and drive economic progress.
The partnership also underscores gender equality by directing funds to women-led enterprises, reflecting FCMB and Proparco’s shared vision of fostering inclusive growth.
