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Business World Bank Approves N80 billion IBRD Credit for Nigeria to Boost SME Financing



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This is good news for Small and Medium Business owners in Nigeria as the World Bank has approved N80bn fund available as loan to finance SMEs, Premium Times reports.


Nigeria is to benefit from a $500 million (N80 billion) World Bank credit to increase access to finance for medium and small scale enterprises, MSME, in agriculture, trade, light-manufacturing, and services.

The Executive Board of Directors of the Bank, which gave approval for the facility on Friday, said the International Bank for Reconstruction and Development, IBRD, credit would help stimulate economic growth and create jobs.

The Development Finance Project, the Board said, would provide stable funding to support the growth of Nigeria’s MSMEs through the establishment of a Development Finance Institution, DFI.

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