“The challenge for the government has been to assist SMEs financially in order to foster a healthy economy and create jobs for the unemployed youths. Banks currently cover only 5% of funding requirements for SMEs,” an economist Musa Dairou said.
As a measure to overcome the difficulty, government has set up a new bank dedicated to financing SMEs. The National Economic Development Bank (Bnde) will become fully operational in Jan 2014, received its license recently. The bank has as objective to promote SME growth through the provision of loans.
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