The U.S. Agency for International Development (USAID) and the First City Monument Bank (FCMB) have signed a commitment to strengthen Nigeria's health sector and private sector resilience with a new partnership agreement.

At a ceremony held at the FCMB Headquarters in Lagos, Mission Director Melissa Jones affirmed the U.S. government's commitment noting that USAID and the United States International Development Finance Corporation (DFC) will collaborate with FCMB to facilitate $10 million in new loans.

The new partnership will assist FCMB to expand access to finance for underserved borrowers, and SMEs in the health sector in Nigeria, the health sector, and small and medium-sized enterprises throughout Nigeria.

."First City Monument Bank welcomes the opportunity to collaborate with healthcare providers and SMEs nationwide to build a healthier, more productive future for our nation," said FCMB Managing Director, Mrs Yemisi Edun.

"As demonstrated by this partnership, the United States government is eager to continue collaborating with the financial sector to improve access to credit for underserved borrowers, including small and medium enterprises in the health sector, and thereby stimulate economic growth," said Mission Director Melissa Jones. "In addition to supporting FCMB's increased lending in the health sector, we are committed to work with FCMB to disburse loans to the agriculture and renewable energy sectors through our existing partnerships."