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The credit line will support eligible investments made by small and medium sized enterprises (SMEs), mid-caps and young entrepreneurs in Nigeria in line with the 2X Challenge criteria.
The aim is to enhance access to finance to the target beneficiaries operating in eligible sectors such as transport, agriculture value-chain, manufacturing, tourism and services. A minimum of 50% of the loan amount will be targeting businesses owned, run, employing or primarily serving women to promote gender inclusion and women empowerment in businesses, in line with the 2X Challenge criteria. At least 50% of the loans will specifically contribute to the private sector inclusive growth, decent job creation for young people and youth entrepreneurship.
This EUR 50m credit facility is meant to support SMEs in Nigeria. A minimum of 50% of the loans will be targeting businesses owned or runned by women and employing or serving women. Further, a minimum of 50% of the loans will be specifically contributing to the private sector inclusive growth, decent job creation for youth entrepreneurship in Nigeria.
Known for its commitment to gender inclusion, Wema Bank is well-positioned to meet the above objectives. Hence, EIB has included Wema Bank in its Greening the Financial Sector technical assistance facility.
Access to finance is a major constraint in Nigeria, especially for women and the youth. This facility is expected to advance several Sustainable Development Goals (SDGs), most notably SDG 5 - Achieve Gender Equality and Empower Women, SDG 8 - Decent Work and Economic Growth, SDG 9 - Industry, Innovation, and Infrastructure and SDG 13 - Climate Action. Wema Bank as the financial intermediary has committed to financing green projects on a best effort basis.
The credit facility is aligned with EU's international Cooperation Instrument (NDICI)-Global Europe, the EU's 2021-2027 Nigeria Multi-Annual Indicative Programme (MIP), Nigeria's Financial Inclusion Strategy, the African Union's Agenda 2063, and with the Bank's policies and practices.
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate. Wema Bank PLC is in scope of EIB's Paris Alignment Framework (PATH) which supports counterparties on their pathways to align with the Paris Agreement.
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
Under EFSD+ Guarantee