FCMB Secures $15m Trade Finance Facility with ITFC

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First City Monument Bank (FCMB) has entered into a $15 million Master Murabaha Agreement with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group. The agreement, signed during April’s World Economic Forum in Saudi Arabia, aims to enhance FCMB’s capabilities in supporting Nigeria’s trade finance sector.

The funds are designated to facilitate the import and export of agricultural products, machinery, essential commodities, raw materials, and alternative energy solutions, aligning with FCMB’s mission to promote inclusive and sustainable growth in Nigeria.

FCMB’s Managing Director, Yemisi Edun, said that the agreement reveals the bank’s commitment to driving sustainable economic growth. By investing in critical sectors like agribusiness and renewable energy, FCMB aims to not only strengthen its market position but also contribute to a more resilient and globally engaged Nigerian economy. This collaboration is expected to provide the necessary financial resources to support vital economic sectors, fostering a more robust economic landscape.

Gerald Ikem, FCMB’s Divisional Head of Treasury and International Banking, emphasized the significance of this collaboration with ITFC. It represents international recognition of both FCMB and Nigeria’s economic potential.

Source: THIS DAY

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