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GTB Launches $15 Million SMEs Development Scheme

Guaranty Trust Bank Plc. has launched a N3 billion (about $15.2 million) scheme in partnership with Agence Française de Development (AFD) to promote Small and Medium Enterprises (SMEs) development in Nigeria.

According to a statement issued by the bank in Lagos, the initiative is designed to boost financing for business start-ups and development projects in Nigeria.

“The partnership with GTBank, which is the first in Anglophone Africa, will support the growth of SMEs by providing a risk sharing mechanism on loan advances,” it said.

It added that the scheme provides banks, private equity investors and other financial institutions a safer platform to increase participation in SME financing by providing foreign guarantees to local credit facilities advanced to SMEs.

 

Source: StarAfrica.com

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Ejura Salihu is an Anatomist, Writer and Editor. She is currently the Editor-in-chief for Connect Nigeria. You can contact her via email: ejurasalihu24@gmail.com or follow her on twitter @icyquin_msc

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