Wema Bank, EIB Global sign €50 million SME investment agreement

Wema Bank has signed 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 on June 19 at the bank’s headquarters in Lagos, marking the first transaction between EIB Global and Wema Bank.
According to both institutions, the facility is 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. The remaining 50 per cent, they said, wou...