DBN Signs Agreement to Fund Climate-friendly Programmes

James Emejo in Abuja

The Development Bank of Nigeria (DBN) Plc, Financial Centre for Sustainability Lagos (FC4S Lagos) and Nigeria Climate Innovation Center (NCIC) have endorsed a Memorandum of Understanding (MoU) to fund green projects in the country.

This is part of a global initiative on climate change and environmental sustainability.
The partnership which was officially sealed at the DBN Head Office in Lagos will see development finance institution play the role of a funding partner for green projects across Nigeria while the NCIC and FC4SL will serve as service providers.

The objective was to create a dedicated fund for green projects within the Micro, Small, and Medium Scale Enterprises (SMEs) ecosystem.

This would ensure that the MSMEs have access to finance to execute climate-resilient and green projects in support of global drive on green and sustainability.

Essentially, DBN would as funding partner, provide the financing platform from International Development Partners for Green MSMEs as identified and endorsed by the service providers as well as technical/financial assistance to partners, financial institutions.

The intervention will further assist MSMEs to develop capacity for ideation, development, financing, and management of impactful, viable, and financially sustainable green projects.

Commenting on the initiative, Executive Director, Finance and Corporate Services, DBN, Mrs. Ijeoma Ozulumba, in a statement issued by the bank
said the bank was particularly excited about the partnership because as it aligns with its mandate as a development finance institution with its corporate values.
In addition, Executive Secretary of FC4S Lagos, Mr. Emmanuel Etaderhi, in a statement issued by the bank said,“the Green MSMEs Fund is critically important to easing access to finance for MSMEs that are implementing low-carbon, climate-resilient projects as this will contribute towards the achievement of Nigeria’s NDCs and the United Nations’ 2030 Sustainable Development Goals.”