FCMB Receives $50million From IFC Over Virus Situation

The Nigerian lender, received a $50 million load from the International Finance Corp in order to support companies that have been affected by the coronavirus situation.

The funds were generated from an $8 billion credit facility that was launched in the month of March by Worlds Bank’s private lending arm to be of assistance to companies affected by the covid-19 pandemic, the bank mentioned in an email. The loan would further help numerous amounts of businesses with trade and also financing along with working capital loans.

Businesses in Nigeria experienced a hug blow when the lockdown policy was initiated in Nigeria, in order to curb the spread of the coronavirus. The loan would assist in providing liquidity to FCMB customers to remain”viable, during and after the covid-19 pandemic” the IFC mentioned in a statement.

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