The Trust Bank Plc has launched a N3 billion scheme in partnership with Agence Fran?aise de Development (AFD) to promote Small and Medium Enterprises (SMEs) development in the country, The Union reports.
This is contained in a statement at the weekend in Lagos by the bank, which added that the initiative was 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.
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.
The Ariz Portfolio Guarantee Scheme, since its inception in 2008 had expanded to over 20 francophone countries in Africa and teamed up with more than 40 partner banks worldwide.
The statement quoted Denys Gauer, the French Ambassador to Nigeria, as saying that ”SMEs has a key role as drivers of economic growth and employment.”
He noted that in spite of widespread presence of SMEs in Nigeria, the sector face major obstacles, including limited access to bank financing, mostly
– Chris Uba