FCMB Secures $15m Trade Finance Facility with ITFC

Nume Ekeghe

First City Monument Bank (FCMB) has announced a $15 million Master Murabaha Agreement with the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group.

The bank in a statement said the agreement, signed during April’s World Economic Forum in Saudi Arabia, will strengthen FCMB’s support of Nigeria’s trade finance sector.

The funds, it said, will facilitate the import and export of agricultural products, machinery, essential commodities, raw materials, and alternative energy solutions. “This move aligns with FCMB’s commitment to fostering inclusive and sustainable growth in Nigeria. This agreement affirms FCMB’s commitment to driving sustainable economic growth in Nigeria. By investing in critical sectors like agribusiness and renewable energy, we’re not just strengthening our position, we’re contributing to a more robust and resilient Nigerian economy that can confidently engage globally,” said Yemisi Edun, Managing Director of FCMB

FCMB’s Divisional Head of Treasury and International Banking, Gerald Ikem, emphasised the partnership’s significance: “This collaboration with ITFC signifies more than just international recognition of FCMB and Nigeria’s economic potential. It equips us with the resources needed to drive growth in vital sectors such as agriculture, manufacturing, and renewable energy. It reinforces our dedication to fostering sustainable and inclusive economic progress throughout the country.”

The ITFC, established in 2008 to advance and facilitate international trade, has provided $69 billion of financing to various countries. It is crucial in promoting economic development and reducing poverty through trade-led growth.