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.