The Development Bank of Nigeria (DBN) and the Agence Francaise De Developpement (AFD), a public financial institution that implements France’s development and international solidarity policies have signed a 50 million Euro credit line agreement to support women entrepreneurship in Nigeria.
The Agreement which was signed yesterday at the head office of the DBN was executed by the Managing director of the DBN, Tony Akpanachi and the AFD Nigeria country Director, Xavier Muron, witnessed by the French Ambassador to Nigeria, Marc Fonbausteir.
Speaking at the ceremony, Okpanachi said: “For us at DBM, our relationship with AFD has gone a long way. when DBM was started, AFD, together with other partners, worked together to set up DBN.
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“Over the years, not only has it been in terms of providing funding, in terms of the collaboration we’ve had over the years, even in terms of building up technical assistance.
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“So, when our conversation with AFD came, and they also provided us this additional line to also increase our reach to women entrepreneurs, we felt that this is a very good approach, not only as Development Bank of Nigeria, but as a country, Nigeria, I think it’s quite a huge support
“When we started the BN, they gave us $130 million. Now, they’re giving us additional 50 million euros. The initial $130 million was for MSMEs in general. But the 50 million euros now is for women entrepreneurs.”
Muron in his remarks said: “At AFD, we recognize that women entrepreneurship is not only a question of social justice but also a strategic priority to build a more inclusive and resilient society.”
He said back in 2020, some studies show that 40 percent of Nigerian women were still excluded from the financial systems.
“Through this program including a €50 million credit line plus an additional technical assistance program of €825 000, the main objectives are (i) to support the development of women entrepreneurship and empowerment as well as job creation; (ii) to strengthen access to finance and build capacity of women MSMEs and; (ii) to enhance the integration of gender within DBN and its partner financial institutions (PFls) that DBN is supporting,” Muron added.
In his remarks, the French Ambassador, Fonbausteir said: “this program is at the crossroad or the juncture of two dimensions. Economy and society through women empowerment. And we assess as French that the more women we grow, scale up in the social ladder with more autonomy, more income, more capabilities, the better the society as a whole will feel and be. So clearly, women are a lever of social transformation.”
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