SME Finance Forum member African Development Bank (AfDB) provided a $50 million credit to Fidelity Bank Plc. to support SMEs, with a minimum of 30 percent of the credit going towards women-owned enterprises in Nigeria.

According to the article, the credit will benefit SMEs in manufacturing, health and education sectors. 

The loan is expected to increase enterprise competitiveness and expand Nigeria’s economic base for Fidelity Bank Plc. Fidelity Bank’s support for SMEs and credit management skills have continued to build a good rapport with AfDB. Fidelity Bank received $18 million and $75 million lines of credit from the development finance institution in 2001 and 2013, according to the article. 

“Fidelity Bank is a niche player, focused on the SMEs space and this $50 million credit line will contribute to strengthening its presence in its key market segments,” said Senior Director, Nigeria Country Office at the AfDB, Ebrima Faal.