BOI and General Electric to boost SMEs’ access to infrastructure funding by N81bn
Foremost global infrastructure and technology company, General Electric (GE), and the Bank of Industry have in cooperation announced plans to create affordable access to funding to the tune of over N81 billion ($500 million) for the small and medium enterprises (SME) infrastructure sector. The agreement would see Bank of Industry and GE providing access to finance to qualified SMEs in critical sectors including healthcare, power, and transportation.
At a media briefing at the BOI corporate head office attended by the visiting global chairman of GE, Jeff Immelt, the Managing Director of BOI, Ms. Evelyn Oputu, said, “the initiative is intended to support the establishment, modernization and expansion of infrastructure and high technology SMEs.”
She added that the fund is also expected to make available an enhanced competitive platform for benefitting companies to attract, recruit and retain highly skilled Nigerian talent currently in management and other leadership positions with leading organisations in and outside Nigeria, adding that GE and BOI anticipate that the programme will also attract additional foreign direct investment into the infrastructure sector.
The global Chairman of GE, Jeff Immelt, expressed delight with the commitment of stakeholders to address the infrastructure shortage in the country and said that tackling the problem would help the country to begin to harness its great potentials for job creation and poverty alleviation, while the president of GE Nigeria, Lazarus Angbazo, lauded BOI for supporting GE’s commitment to working with relevant stakeholders to address infrastructural challenges across sectors.
Angbazo said: “This engagement is in line with GE’s country-to-company agreement with the Federal Government of Nigeria across critical sectors of healthcare, transportation and power.
The global Chairman of GE, Jeff Immelt, expressed delight with the commitment of stakeholders to address the infrastructure deficit in the country which has great potentials for job creation and poverty alleviation.
GE Capital businesses help meet the financial needs of over 100 million customers across the globe, with products and services that range from consumer lending to financial solutions for businesses of all sizes. GE Capital also develops strategic partnerships and joint ventures that leverage GE’s industry-specific expertise in aviation, energy, infrastructure, healthcare and media to capitalize on opportunities.