Wetland MFB gets $.25m ADF grant for fish farming

Wetland Microfinance Bank Limited has secured a $250,000 (about N7,340,000) grant from African Development Foundation (ADF), an agency of the Government of the United States of America, to support fish farming projects in Ekpan community, Warri in Delta State in furtherance of its efforts to provide micro finance and advisory services to its customers in the country.

In the letter conveying the approval of the grant to the Managing Director of the MFB, Mrs Justina Kpedi, and signed by the ADF

President/Chief Executive Officer, Mr. Lloyd Pierson, said the grant was extended to microfinance institution after its application was said to have met the requirements set for such financial support as enunciated in the Foundation’s operational guidelines.

The letter reads in part: “Pursuant to the authority contained in the African Development Foundation Act, the African Development Foundation (“ADF” or “Foundation”) hereby awards to Wetland Micro Finance Bank (“Grantee”), a sum of NGN 7,340,000, but not to exceed equivalent of US$250,000, for the sole purpose of supporting the project described in the attached Grant Agreement and its Appendices.

“This award is effective and obligation is made as of the date of this award letter and shall apply to commitments made by the Grantee in furtherance of the grant’s objectives during the period beginning with the effective date and ending September 30, 2015”, it added.

According to the terms of the Grant Agreement which is for the period September 14, 2012 to September 30, 2015, the ADF will transfer funds to Wetland Microfinance Bank Limited which will them for project activities in line with its application and the approved budget.

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