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The Board of Directors of the African Development Bank (AfDB) have approved a loan of $50 million to Nigeria’s First City Monument Bank (FCMB) to channel to local enterprises and women-empowered businesses in the agribusiness, manufacturing, healthcare and renewable energy sectors. The disclosure is contained in a public statement titled, ’African Development Bank bolsters women-empowered businesses with $50 million loan to FCMB bank’ issued by the AfDB on Wednesday, July 7, 2021. The statement says that 30% of the funds, which are intended to mitigate the effects of the challenging Covid-19 environment, are earmarked for underserved women-empowered businesses. It also adds that the Bank will provide a technical assistance grant of $200,000 through its Affirmative Finance Action for Women in Africa (AFAWA) initiative supported by the Women Entrepreneurship Finance Initiative. The grant is expected to complement the loan by enabling First City Monument Bank to provide non-

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