U.S. Partners With FCMB On $10m Credit Line For Healthcare

The United States Agency for International Development (USAID) together with the United States International Development Finance Corporation (DFC) and First City Monument Bank (FCMB) have signed an agreement to launch a $10 million credit facility targeted at increasing financial access for healthcare businesses and transforming the sector.

The alliance will provide $10 million in health sector loans, particularly benefiting micro, small and medium-sized enterprises (SMEs), underserved communities, women and youth.

During the signing event yesterday in Lagos, the USAID Mission Director, Melissa Jones, explained the significance of this partnership in advancing the Nigerian government’s efforts to achieve Universal Health Coverage and enhance the overall health outcomes for its population.

She noted that this collaboration comes at a pivotal time when Nigeria’s health sector is grappling with underinvestment and inefficiencies, ranking 187th out of 191 countries in terms of health system performance as per the World Health Organisation.

According to Jones, the selected businesses, ranging from health facility operators to emergency health transport providers, will receive loans designed to bolster basic healthcare delivery across the nation.

Also, she noted that in addition to financing, USAID will extend technical assistance to FCMB, enhancing the bank’s capability to manage loan origination and monitoring for these critical sectors.

She said, “Our goal is not only to provide financial resources but also to build a sustainable framework that increases the creditworthiness and operational capacity of these enterprises."

On her part, the Managing Director of FCMB, Yemisi Edun, expressed that the initiative marks a significant commitment by both entities to address critical financing gaps and support healthcare providers across the nation.

Edun stated that the partnership is designed to extend crucial financial support to healthcare sectors that have struggled with underfunding and inefficiency.