CBN reviews 200 applications for N300bn industry fund

The Central Bank of Nigeria (CBN) on Tuesday said it had yet to begin the disbursement of the N300bn Real Sector Support Facility.

It said contrary to speculations that the fund had been disbursed, the bank was appraising over 200 applications received in respect of the fund.

In a statement signed by the Director, Corporate Communications, Alhaji Ibrahim Mu'azu, the appraisal of the applications is in strict compliance with the eligibility criteria of the facility.

The statement read, 'The CBN is currently appraising over 200 applications received by it in respect of the N300bn Real Sector Support Facility.

'The policy objectives of the RSS Facility are to provide long-term, low-interest financing intervention in support of the real sector of the Nigerian economy to increase output, create jobs and conserve foreign exchange.

'The appraisal of the applications by the Nigerian SMEs for the N300bn RSS facility was still in progress in strict compliance with the eligibility criteria of the facility.'

Mu'azu assured Nigerians that recommendations would be made to the management of the bank for approval as soon as the appraisals were concluded, adding that disbursement would follow thereafter.

He therefore urged applicants for the RSSF to disregard speculations and exercise patience to enable the bank to conclude the appraisals.