Nigerian financial institution, First Bank today signed a $100 million facility agreement with China Development Bank (CDB).

This comes after the Nigerian bank extended its single digit credit facility to Nigerian entrepreneurs in partnership with the Nigeria Association of Small Scale Industrialists (NASSI).

The agreement with its Chinese partners provides for a Comprehensive Cooperation between FirstBank and CDB in the On-lending facility of $100 million to SMEs in Nigeria, while also touching areas like Credit Lines, Trade Finance, Syndication and Project Finance, Consultancy Services, Sharing of Business Experience and Foreign Exchange Transactions.

According to FirstBank GMD/CEO, Mr. Bisi Onasanya, the partnership with CDB is in line with the FirstBank’s strategic focus on financial inclusion as it would address the challenges of credit delivery to the unbanked market’s segment in Nigeria through mobilized funds that will avail credit facilities to registered SME operators at concessionary rate.

He said in addition to disbursing funds, the Bank would support SMEs through business advisory services, capacity building and development of relevant IT infrastructure.

The signing of the landmark agreement was witnessed by President Goodluck Jonathan who is on a State visit to China and his host, President Xi Jinping.

FirstBank Group Managing Director, Bisi Onasanya is a member of the Presidential delegation which also includes 4 state governors and 10 cabinet ministers.

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