Niger: African Development Fund Provides $16 Million to Support Financial Sector Deepening and Inclusion – African Business

The Board of Directors of African Development Fund (http://bit.ly/3gEDVZp), the concessional lending arm of the African Development Bank Group (www.AfDB.orgNiger, which is implementing the Financial Sector Deepening and Inclusion Project, has received $16 Million in grant and loan financing.

The project will increase the mobilization of long-term financial services providers and improve financial inclusion for vulnerable populations, especially women, youth, and micro, small, and medium enterprises.

The project will specifically contribute to the establishment a financing mechanism that is favorable to the needs of small, medium and micro-sized enterprises through the capitalization and strengthening of technical and operational capabilities of financial service providers, especially decentralized financial systems. This will allow them to create financial products and services that are tailored to the needs of the people. All this with the aim of increasing the resilience of Niger’s financial sector and reducing poverty. 

Niger’s Minister of Finance, Ahmat Jidoud said he welcomed “this support from the African Development Bank which will strengthen the technical and financial capacities of financial service providers in Niger, in particular decentralized financial systems, which will make it possible to broaden access to financial services to the greatest number of our citizens, especially those living in rural areas.”

Ahmed Attout, Head of the African Development Bank’s Capital Markets Development Division said: “We are delighted with this collaboration between the African Development Bank Group and Niger. This project will increase financial inclusion in Niger by diversifying the sources of financing for small and medium-sized Nigerien businesses and the Financial Inclusion Development Fund.

Distributed by APO Group for African Development Bank Group (AfDB).

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About the African Development Bank Group
The African Development Bank Group (AfDB) is Africa’s leading development finance institution. It is composed of three distinct entities: The African Development Bank (AfDB), Africa Development Fund (ADF), Nigeria Trust Fund (NTF). The Bank is represented in 41 African countries and has a field office located in Japan. It contributes to the economic growth and social progress in 54 of its member countries. For more information: www.AfDB.org