By – Usman Lawal
Photo credited – Proparco
Proparco has deepened its partnership with First City Monument Bank (FCMB) by signing three key agreements to support the Nigerian bank’s financing activities for high-impact small and medium-scale enterprises (SMEs) and women-led businesses. The agreements, signed on January 20, 2025, include a $35 million senior credit line and two guarantees—ARIZ (€3 million) and EURIZ (€6 million)—facilitated by the European Union under its EFSD programme.
These transactions aim to strengthen First City Monument Bank’s position as a leading bank for SMEs while expanding its footprint in impact-driven financing.
The funding will focus on sectors with significant growth potential, particularly agriculture (90%) and women-led businesses (10%), aligning with initiatives such as the International Food and Agriculture Resilience Mission (FARM3) and CHOOSE AFRICA.
This latest collaboration builds on a partnership that began in 2014. Proparco has consistently supported FCMB’s efforts to empower SMEs and advance Nigeria’s economic development.
FCMB focuses on SMEs and women-led businesses operating in high-impact sectors, including agriculture and renewable energy.
From left: Divisional Head, Treasury & International Banking, First City Monument Bank (FCMB), Mr. Gerald Ikem; Managing Director of the Bank, Yemisi Edun; Deputy Chief Executive Officer of Proparco, Djalal Khimdjee and Global Head of Lending Operations, Riedel Drouin, during the signing of the three agreements on January 20, 2024.
The financing will significantly contribute to achieving the Sustainable Development Goals (SDGs), including SDG 2 (Zero Hunger), by facilitating access to finance for companies producing essential food products like rice and cooking oil.
It will also enhance the capacity of SMEs to create jobs and drive economic progress, contributing to SDG 8 (Decent Work and Economic Growth).
The partnership also emphasises gender equality by channelling funds into women-led enterprises, reflecting FCMB and Proparco’s shared vision of fostering inclusive growth.
Proparco’s commitment aligns with its 2023–2027 strategy, prioritising investments in sustainable and resilient economies.
Through its partnership with FCMB, Proparco reaffirms its mandate to support financial institutions driving inclusive economic growth in emerging markets.
Djalal Khimdjee, Deputy Chief Executive Officer of Proparco, highlighted the partnership’s significance.
“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.”
With Nigeria aiming for accelerated economic growth, partnerships like this one between Proparco and FCMB are pivotal. These efforts drive transformative growth and reinforce the foundation for a sustainable and inclusive economy by scaling access to finance for SMEs and women-led businesses.