World Bank Approves $500M Loan to Boost MSME Finance in Nigeria
The World Bank has granted Nigeria a $500 million loan to improve access to credit for Micro, Small, and Medium Enterprises (MSMEs). The funding aims to bridge the long-standing financial gap that hampers business expansion in Nigeria.
The project will involve a structured blend of facilities, including $400 million from the International Bank for Reconstruction and Development (IBRD) and $100 million from the International Development Association (IDA). The Development Bank of Nigeria will implement the project, focusing on providing credit guarantees to enhance MSMEs' access to formal credit, particularly for women-led businesses and agribusinesses.
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