DBN signs MOU to finance climate friendly projects

As part of a global initiative on climate change and environmental sustainability, the Development Bank of Nigeria (DBN) Plc, Financial Centre for Sustainability Lagos (FC4S Lagos) and Nigeria Climate Innovation Center (NCIC) have signed MoU to fund green projects in Nigeria.

The event which took place at the DBN Head Office in Lagos will see DBN play the role of a Funding Partner for green projects across Nigeria while the NCIC and FC4SL will serve as Service Providers.

The goal of the MoU is to create a dedicated fund for green projects within the Micro, Small, and Medium Scale Enterprises (SMEs) ecosystem.

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

As a funding partner, DBN will 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, and MSMEs to develop capacity for ideation, development, financing, and management of impactful, viable, and financially sustainable green projects.

According to Mr Emmanuel Etaderhi, Executive Secretary of FC4S Lagos, “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.”

Also, the Executive Director, Finance & Corporate Services, DBN, Mrs Ijeoma Ozulumba, stated that the DBN was particularly excited about the partnership because it aligns with its mandate as a development finance institution and also, with its corporate values.