DBN Secures €25 Million From KFW For MSMEs, Renewable Energy

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The KFW Development Bank has injected € 25 million into the Nigerian economy for the growth and development of micro, small and medium enterprises (MSMEs) and the renewable energy sector through the Development Bank of Nigeria (DBN) Plc. The fund is part of its contribution to contribute to resuscitate Nigeria’s ailing economy.

He said: “Today, we just signed an agreement for a credit line of €25m provided by KFW to DBN to finance MSMEs. We are wholesale DFI poised to provide access to credit to MSMEs through wholesale lending to financial institutions and other microfinance banks. We provide them with wholesale funds to onward lending to MSMEs.”

He added that DBN already has 65 financial institutions in line with green and renewable energy and businesses in MSMEs that relate directly with the small businesses to support them.

According to him, the bank would do monitoring and evaluation of the process.