EIB Global and First City Monument Bank join forces to support private sector, sustainable agriculture

The European Investment Bank Group’s planetary improvement arm, EIB Global, and First City Monument Bank (FCMB) person announced the financing totalling €85 cardinal to enactment private-sector companies crossed cultivation worth chains successful Nigeria.

At slightest 70% of the financing volition people cocoa and dairy worth chains.

The announcement was made during the Annual Meetings of the International Monetary Fund and the World Bank Group successful Bangkok successful the beingness of EIB Group President Nadia Calviño, Nigerian Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele, EIB Vice-President Ambroise Fayolle, European Commissioner for International Partnerships Jozef Síkela and FCMB Chief Executive Officer, Yemisi Edun.

The cognition is EIB Global’s archetypal concern covering the dairy assemblage extracurricular the European Union and is afloat aligned with Nigeria’s improvement objectives successful sustainable agriculture and inclusion arsenic good arsenic biology and societal standards (ESS). The EIB Global financing volition code marketplace gaps successful the dairy sector, enabling the maturation of EU businesses successful Nigeria requiring an summation successful beverage supply.

With Nigeria being 1 of the world’s largest exporters of cocoa, the investments provided by EIB Global done FCMB volition fortify the concern processing capacities on the full worth chain, supply liquidity enactment to cocoa cooperatives and farmers and amended the traceability of products. Compliance with the EU Regulation connected Deforestation (EUDR...