Release date: 13 June 2024
Promoter – Financial Intermediary
WEMA BANK PLCLocation
Description
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.
Objectives
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.
Sector(s)
- Credit lines - Credit lines
Under Global Europe NDICI guarantee
Under EFSD+ Guarantee
Proposed EIB finance (Approximate amount)
EUR 50 million
Total cost (Approximate amount)
not applicable
Environmental aspects
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.
Procurement
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
Status
Approved - 16/10/2024
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).