November 23, 2017

First Bank signs $100m SME facility agreement with China Bank

First Bank signs $100m SME facility agreement with China Bank... NAIJA INVEST

In its bid to boost lending to small and medium scale enterprises in Nigeria, and also stimulate economic growth in the country, Nigeria’s Best Banking Brand, First Bank of Nigeria Limited today signed a $100m facility agreement with China Development Bank (CDB), a leading bank in the Peoples’ Republic of China. This is coming on the heels of the FirstBank’s extension of a single digit credit facility to Nigerian entrepreneurs in partnership with the Nigeria Association of Small Scale Industrialists (NASSI).

The signing of the landmark agreement, witnessed by President Goodluck Jonathan, who is on a State visit to China; and his host, President Xi Jinping of China, reinforces the Bank’s leadership position as a National Icon and Global Player. The FirstBank Group Managing Director, Bisi Onasanya is a member of the Presidential delegation which also includes 4 state governors and 10 cabinet ministers.

According to the document signed by the Management of the two banks, the two institutions will work together to further strengthen the business cooperation between both parties within the framework of each party’s respective articles and memorandum of association and applicable laws and regulations in Nigeria an China.

First Bank signs $100m SME facility agreement with China Bank... NAIJA INVEST

First Bank signs $100m SME facility agreement with China Bank… NAIJA INVEST

Specifically, the Memorandum of Understanding provides for a Comprehensive Cooperation between FirstBank and China Development Bank in the On-lending facility of USD100m to Small and Medium Enterprises 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.

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