14 January 2014
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GE Africa (Lagos)

GE and Bank of Industry Announce Plans to Support SMEs

press release
  • GE and Bank of Industry Announce Plans to Support SMEs $500 million available for SMEs
  • SMEs in infrastructure sector to benefit

Abuja, Nigeria: Leading infrastructure and technology company GE and Nigeria's Bank of Industry (BOI) have announced plans to cooperate in creating affordable financing solutions for small and medium-sized enterprises (SMEs) in the infrastructure sector.

These plans would see funding support to the tune of US$ 500 million made available to SME's from critical sectors including healthcare, power, and transportation who meet the criteria for selection. They will have access to financing for equipment and service contracts as well as management and technical training over a period of at least 5 years.

Speaking at a brief ceremony in Abuja, the managing Director of Bank of Industry Ms Evelyn Oputu said the initiative is intended to support the establishment, modernization and expansion of infrastructure and high technology SMEs and provide the Companies with a more competitive platform to recruit and retain highly skilled Nigerians currently in management and other leadership positions with leading organizations in outside Nigeria. According to Ms Oputu, "GE and BOI jointly anticipate that the program will also attract additional foreign direct investments into the private infrastructure sectors".

On his part the President/CEO of GE Nigeria Lazarus Angbazo commended the bank of Industry for aligning with GE's commitment to working with relevant stakeholders to address infrastructural challenges across sectors. He said this engagement was in line with GE's country-to-company agreement with the Federal government across critical sectors of healthcare, transportation and power. The event was witnessed by GE's visiting global chairman Jeff Immelt who said he was pleased with the commitment of stakeholders to address the infrastructure deficit in the country.

About GE
GE (NYSE: GE) works on things that matter, using the best people and the best technologies taking on the toughest challenges, finding solutions in energy, health and home, transport and finance, building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.

For more information, contact:
Osagie Ogunbor
Communications Manager – West Africa
+2348141377176
osagie.ogunbor@ge.com

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