First City Monument Bank (FCMB) said it has executed credit enhancement agreements worth N20.9 billion to support renewable and energy efficient projects in Nigeria.
The bank disclosed this in a statement to commemorate this year’s World Environment Day (WED) with the theme, “Ecosystem Restoration”.
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It said it is on track to finance projects that would deliver over 10,000 new solar-powered electricity connections to households and businesses across various communities by the end of 2021.
The bank has also developed a product for mini-grid developers, under the World Bank/Rural Electrification Agency (REA) scheme.
Through this, businesses in the renewable energy sector can access loans of up to 70% of the project cost without collateral.
FCMB also said it plans to roll out loans to households to purchase solar home systems following a successful pilot introduction of this product for its employees to enable them to procure solar power systems at a reduced rate, for use in their homes.
The Group Head, Corporate Affairs, Mr. Diran Olojo, said these interventions are part of the Bank’s progressive journey and contribution towards making the world a better place.