By Peter Egwuatu

The International Finance Corporation (IFC), has granted a $35 million credit facility to   FSDH, a merchant banking group.

The facility is to be used to improve access to finance for medium-scale businesses in the emerging sectors of the Nigerian economy.

The facilities are in   two folds; $20 million Working Capital Solutions (WCS) and the Global Trade Finance Program (GTFP).      

The WCS facility will help FSDH to provide loans to local enterprises in Nigeria especially those with foreign currency receivables. The GTFP is a functional trade finance tool that would enable FSDH to support its numerous Trade Finance customers as it will open them up to access any beneficiary across the globe. It will also help to reduce the trade finance gap in Nigeria by making financial resources available to Small and Medium-sized Enterprises (SMEs) in the industrial sector.

Commenting on the facility, Managing Director, FSDH Merchant Bank, Bukola Smith said,   “We are committed to our mission of empowering businesses and partnering with them to achieve sustainable success, the IFC facility brings us closer to the actualization of that mission. It avails us the right capital from a reputable partner at such a crucial time. 

Also, partnering with a credible, leading global funder like IFC is a boost for our credibility and viability as an institution. We are well positioned and on course to reach various segments in the emerging economy through our different interventions in growing sectors like health, agriculture, technology, renewable energy and the female economy.”