Home » News » GT Bank, AFD Unveil N3bn Initiative For SMEs
CEO GTBank, Segun-Agbaje
CEO GTBank, Segun-Agbaje

GT Bank, AFD Unveil N3bn Initiative For SMEs

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

%d bloggers like this: