By Anayo Okoli

UMUAHIA—ABIA State Government has signed a Memorandum of Understanding, MoU, with the Bank of Industry, BoI, for the marching funds for Small and Medium Enterprises, SMEs, in the state.

Under the agreement, the Bank of Industry is to provide N1 billion in Small and Medium Enterprises development fund.

In his remarks, shortly after signing the MoU, last week  at the Government House, Umuahia, the Acting Managing Director of the bank, Mr. Waheed Olagunji, explained that the MoU was designed to lend resources to genuine entrepreneurs in the state, especially in agriculture and other areas.

According to him, SMEs are the major creators of jobs, pointing out that the implementation of the MoU would go side by side with capacity building.

He however, advised the potential beneficiaries to pay back the funds and pledged to work with the state government to realize the industrial potentials of the state.