Wema Bank, EIB Global Seal €50m Deal to Boost SMEs, Youth, Women
Bennett Oghifo
Wema Bank has entered into a €50 million (N78.5 billion) financing agreement with the European Investment Bank’s development arm, EIB Global, to expand access to credit for small and medium-sized enterprises (SMEs), with a focus on women- and youth-owned businesses.
The agreement was signed recently at the bank’s headquarters in Lagos, marking the first transaction between EIB Global and Wema Bank, according to a statement yesterday.
According to both institutions, the facility was aimed at supporting eligible businesses across Nigeria, with at least 50 per cent of the loans earmarked for youth-owned enterprises to promote entrepreneurship, job creation and inclusive economic growth.
