CBN disburses N94.34bn COVID-19 healthcare fundsCBN will process and disburse funds to the PFI for further distribution to the project
- Corporate entity must apply an application to a participating financial institution according to CBN guidelines
- CBN will process and disburse funds to the PFI for further distribution to the project
- PFIs register all movable assets with the National Collateral Registry, submit periodic returns to the CBN in the specified format of the scheme
This was revealed in the CBN's recent Monetary Policy Committee meeting paper, which was presented in Abuja by the CBN Governor, Mr Godwin Emefiele.
Part of its report read,
â€œUnder the N100bn Health Care intervention Fund, the bank has disbursed N94.34bn, and is willing to expand the facility to 85 projects in the pharmaceutical industry, hospitals and state governments for both brown field and green field projects, mostly to expand pharmaceutical drug lines, acquire MRI and other equipment and upgrade laboratories and other hospital services,â€ he said.
It stated in its most recent guidelines that the PFI would appraise and perform due diligence on the application, and that the application would be submitted to the apex bank with relevant documents attached after approval by the PFI's credit committee.
According to the CBN, the PFI must accept and review customer applications, perform due diligence based on usual business considerations, and bear credit risk.
It mandates that PFIs register all movable assets with the National Collateral Registry, submit periodic returns to the CBN in the specified format of the scheme, follow the guidelines, and perform any other duties that the CBN may impose from time to time.