To buoy ailing Micro Small and Medium Enterprises (MSMEs) in Ebonyi State, the Bank of Industry (BOI) and the Ebonyi State Government have signed a Memorandum of Understanding (MoU) on the programme execution and management of funds for the Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES).
The NG-CARES programme is a $750 million state-owned initiative specifically for the elevation of communities, households and businesses affected by COVID-19.
It seeks to protect the livelihoods of existing and newly poor and vulnerable households, and support the recovery of local economic activity especially among micro, small and medium enterprises (MSMEs).
The MoU signing ceremony, which took place at the BOI House in Abuja at the weekend, further demonstrates the readiness of both parties to officially flag-off the NG-CARES Result Area 3 component in Ebonyi State in weeks ahead.
The BOI General Manager, Northern Region, Dr Rislanudeen Muhammad, signed the pact on behalf of the bank, while the Ebonyi State Commissioner for Finance, Orlando Nweze, signed for the state government.
Speaking at the event, Muhammad said the Bank of Industry appreciated the efforts of Governor David Umahi and his officials in taking the first major step to the implementation of the NG-CARES programme in Ebonyi State.
By signing the MoU, he said the bank has shown its commitment to working together closely on achieving the goal of the programme, which is to elevate communities, households and businesses affected by COVID-19 pandemic.