Access Bank Plc is set to disburse loans through the Central Bank of Nigeria (CBN) credit support scheme to boost the pharmaceutical and healthcare industries.
The loan’s interest rate was set at a maximum of five per cent yearly and will apply up to February 28, 2021. The interest rate will, however, revert to nine per cent from March 1, 2021.
In a statement, the bank bank said the loan disbursement became necessary as the country continues to tackle the evolving crisis of the Coronavirus pandemic. The Bank is reaffirming a long-held and proven stance on fostering sustainable development across the country.
The loan scheme is part of a six-point palliative by the CBN, of which Access Bank is a participating financial institute (PFI). It was developed to provide funding to indigenous pharmaceutical companies and other organisations in the healthcare value chain, enabling them to increase capacity to meet the increasing demand for healthcare arising from the pandemic.
Access Bank’s Group Managing Director, Herbert Wigwe, reassured the public of the bank’s commitment to address the needs of the nation in these uncertain times.
“It has become clear to all and sundry that Nigeria’s healthcare sector is in dire need of revitalisation and Access Bank, under the auspices of the Central Bank of Nigeria, will be investing heavily in this sector in the coming months. We would be looking to grow Nigeria’s capacity to not only manufacture drugs and other medical supplies locally but also encourage entrepreneurs to take advantage of the opportunities that lie within the sector,” Wigwe said.
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