GTB Launches $15 Million SMEs Development Scheme

Guaranty Trust Bank Plc. has launched a N3 billion (about $15.2 million) scheme in partnership with Agence Française de Development (AFD) to promote Small and Medium Enterprises (SMEs) development in Nigeria. According to a statement issued by the bank in Lagos, the initiative is designed to boost financing for business start-ups and development projects in Nigeria. “The partnership with GTBank, which is the first in Anglophone Africa, will support the growth of SMEs by providing a risk sharing mechanism on loan advances,” it said. It added that the scheme provides banks, private equity investors and other financial institutions a safer platform to increase participation in SME financing by providing foreign guarantees to local credit facilities advanced to SMEs.   Source: StarAfrica.com

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This article was first published on 14th October 2015

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