The French Agency for Development (Agencie Francaise De Development -AFD) has provided the Development Bank of Nigeria (DBN) an additional 50 million Euros line of credit for on-lending to women entrepreneurs in the country.

A partnership agreement to that effect was signed between the two organisations in Abuja yesterday.

Managing Director of DBN, Dr. Tony Okpanachi, who signed on behalf of his bank, described the additional funding by AFD as a great opportunity to further empower Nigerian women-owned businesses.

According to him, DBN has been deliberate in focusing on providing greater access to women entrepreneurs in its seven years of operation, with women receiving about 74 percent of the bank’s cumulative credit because of the catalytic impacts of empowering women in the society as a whole.

He stated further, “When DBN was starting, AFD, working with other development partners, provided the capital for DBN. Our initial capital, our take-off funding, AFD contributed extensively in starting DBN. “We have had this history and over the years, apart from providing initial funding, we have had a lot of support in the areas of building capacity, providing technical assistance. DBN is about seven years old and we are very grateful to AFD for this partnership over the years.

“Today, we are gathered in continuation of that partnership- providing funding for women entrepreneurs. For us at DBN, women entrepreneurship plays a very big role in our focus area. I can assure you that up-to-date, in terms of cumulative lending, about 74 percent of our funds have gone to women-owned businesses”.

The French Ambassador, Mr. Marc Fonbaustier, who led the delegation to DBN, said that empowering women was a priority for his home government who happened to have found an ally in DBN.

In his remarks, the Country Director for AFD Nigeria, Mr. Xavier Muron, described the additional funding as another major milestone in AFD’s long-term partnership with DBN.

SOURCE: VANGUARD