FCMB supports waste agency with 3 billion naira line of credit
Lagos residents hoping for better waste management can breathe a sigh of relief as the First City Monument Bank opens a 3 billion naira line of credit to the Association of Waste Managers of Nigeria in the state.
A statement from the bank said the line of credit facilitated by the Lagos State Waste Management Agency would increase the working capital of private sector participants in waste collection, aggregation and recycling.
The credit aims to enable beneficiaries to purchase modern equipment such as trucks and to improve their human resources for smooth and efficient waste management.
FCMB Executive Director Ms. Yemisi Edun, speaking about the initiative, said: “We are delighted to provide loans to AWAMN members, with the support of LAWMA, to scale up their operations in order to to protect the environment of Lagos.
“FCMB recognizes that a cleaner and more sustainable environment is essential to building a better world for present and future generations.
Edun praised LAWMA for striving to maintain the city’s sanitation standards to prevent the onset of diseases associated with poor waste management.
In his remarks, Lagos Regional Director, FCMB, Mr. Adelaja Adeleye, said: “Effective waste management requires capital intensive equipment without which AWAMN cannot function optimally.
“As the financial solutions provider of choice, we are closing the financing gap in the waste management ecosystem in Lagos with this N3 billion response fund.
“We are optimistic that this will improve the city’s waste management process, from collection, transportation and treatment to disposal. “
AWAMN President David Oriyomi noted that the line of credit would benefit operators and the state as a whole, as waste managers could now access funds at a minimum interest rate.
Oriyomi said, “With better access to finance, there will be more trucks in the system and service delivery will be significantly improved.
“Regardless of the amount of income or expected income, every AWAMN member would have access to this credit facility. For this reason, residents of Lagos should expect a more consistently cleaner Lagos.
Over the years, the FCMB has provided significant support to initiatives ensuring environmental protection and sustainability, the statement said.
He added that since 2016, the bank has consistently supported the Lagos State Government’s Cleaner Lagos Project to achieve a healthier environment.
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